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PIR - Pier 1 Imports - Another Step Closer To Bankruptcy
Pier 1 Imports
Note:
I have covered Pier 1 Imports (PIR) previously, so investors should view this as an update to my earlier article on the company.
Shares of ailing home decoration retailer Pier 1 Imports have staged a surprise rally in recent weeks, more than quadrupling from early August lows of slightly above $3 until the company's dismal Q2/FY20 report caused a 25% setback since September 25.
While the 12.6% same store sales decline was roughly in line with previous quarters, gross margin took a major hit, down an eye-catching 840 basis points sequentially to