Pier 1 Imports
Updated Pier 1 Imports logo
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| Public | |
| Traded as | : PIR |
| Industry | Retail |
| Founded | 1962 San Mateo, California, U.S. |
| Headquarters | Fort Worth, Texas, U.S. |
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Key people
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Alexander Smith, CEO |
| Products | Furniture |
| Revenue | US$1.86 billion |
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Number of employees
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17,000 |
| Website | www.pier1.com |
Pier 1 Imports Inc. is a Fort Worth, Texas–based retailer specializing in imported home furnishings and decor, particularly furniture, table-top items, decorative accessories, and seasonal decor. It is publicly traded on the under ticker PIR. According to its investor relations website, "Our image is quirky, and our logo is iconic" and describes itself as "ever-original, ever-evolving".
The first Pier 1 Imports store opened in San Mateo, California, in 1962. According to the company's official history, the original store catered to hippy baby boomers and featured love beads and incense.
By 1966, Pier 1 had grown to 16 store locations, and established its corporate headquarters in Fort Worth, Texas.
Pier 1 went public on the in 1970 and later joined the in 1972. At this time, the company had grown to 123 stores, posted 100 percent sales gains for four consecutive years, and opened stores internationally in Australia and Europe. A Pier 1 store in Royal Oak, Michigan, reached annual sales of $1 million in 1979. By 1985, the Pier 1 chain grew to 265 stores, with the management goal of doubling that number by 1990.
On December 29, 2006, Standard & Poor's bumped Pier 1 Imports Inc. down one spot and off the bottom of the S&P MidCap 400 Index when it added Parametric Technology Corp. (NASDAQ: PMTC), a software company. As of December 2012 the company had sales of $418 million.
In April 2008 Chesapeake Energy bought the headquarters of Pier 1 for $104 million.
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Wikipedia