Fort Worth, TX — Pier 1 Imports, Inc. has a new 3-year growth plan beginning in fiscal 2013. The plan includes:
• Building a best-in-class 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 3 years.
“We are excited to unveil our new 3-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 W. Smith, president and CEO. “In fiscal 2012, we made substantial improvements to our existing store base, opened 15 new locations, enhanced our planning and allocation systems, repurchased 8% of our common stock and importantly — we’re well underway with the development of our e-commerce platform that will support our evolution into a multi-channel retailer as we prepare for the launch of ‘Pier 1 To-You’ this summer.”
The company is on track for the initial rollout of a new POS system in fall 2012, which will be followed by an all store rollout post-holiday. The new system is an important component of the Pier 1 Imports e-commerce initiative and is expected to facilitate a seamless transaction across all shopping channels by summer 2013.
In fiscal 2012, Pier 1 refurbished 125 stores, with an enhanced merchandise fixture package and new lighting upgrades in these locations; fully remodeled three stores; and added new merchandise fixtures throughout all Pier 1 Imports stores. During the next 3 years, the company will continue to deploy capital toward new store openings, store remodels, new merchandise fixtures, lighting upgrades and other leasehold improvements. During fiscal 2013, the company plans to:
• Fully remodel approximately six to eight locations.
• Refurbish approximately 100 existing stores.
• Integrate new merchandise fixture elements.
The company’s long term growth plans also include new store openings, as well as strategic relocations in major markets where increased sales productivity and store profitability opportunities exist. The company opened 15 new stores in fiscal 2012 and plans to open approximately 20 new locations in fiscal 2013. The company remains on track to open approximately 80 to 100 new stores and close approximately 30 to 50 existing locations by the end of fiscal 2016.
For more information, visit www.pier1.com.
SOURCE: Pier 1 Imports, Inc.