Pier 1 Outlines 3-Year Growth Plan

Forth Worth, Texas-based Pier 1 Imports Inc. announced a three-year plan commencing in fiscal 2013 to drive growth, expand market share and increase shareholder value as the company evolves into a multi-channel retailer.

Among the strategies are:

•Building an e-Commerce platform
•Improving the store portfolio through refurbishments, remodels, new openings and strategic relocations
•Strengthening the company’s infrastructure through investments in technology, processes and systems
•Investing $200 million in capital over the next three years
•Returning value to shareholders through share repurchases and quarterly cash dividends

“We are excited to unveil our new three-year growth plan, which reflects our commitment to increase shareholder value through initiatives and growth strategies designed to further improve sales and profitability,” says Alex Smith, president and ceo.

In fiscal 2012, the company made strategic investments to improve its online presence and e-Commerce functionality. “We are moving towards one million unique visitors per week to our Pier 1 Imports website,” says Smith.

Pier 1 also opened 15 locations and refurbished 125 stores in the fiscal year, including enhanced merchandise fixture package and new lighting upgrades in these locations. During fiscal 2013, the company plans to remodel approximately 6-8 locations, refurbish approximately 100 existing stores and integrate new merchandise fixture elements into all stores that are expected to increase sales productivity and drive customer impulse purchases Twenty new stores are also planned for the fiscal year.