Pier 1 Imports yesterday announced an aggressive growth plan, which includes e-commerce initiatives, existing stores improvements, expansion of the store portfolio, and development of infrastructure and technology.
The Company plans to invest approximately $200 million over the next three years in these initiatives, utilizing cash flow from operations.
"We have numerous opportunities to profitably increase the reach of the Pier 1 Imports brand," said Alex W. Smith, President and Chief Executive Officer, in a statement. "We have carefully and thoughtfully analyzed our capital allocation plan to further strengthen our competitive position within our industry, both in-store and on a multi-channel level. Our Pier 1 Imports brand is getting stronger and we are ensuring that we have the right tools in place to become a best-in-class, multi-channel retailer. We continue to reap the benefits of the carefully planned investments we have made in our business and we look forward to building upon these successes one customer and one SKU at a time."
