The company said comparable-store sales in its fiscal third quarter fell 11.4%. It blamed more than half of the decline on “the shift of certain holiday selling days, which were included in last year’s fiscal third quarter,” according to a statement. Because Thanksgiving came later in November this year, the traditional Christmas retail season was shorter by several days than the previous year.
“Reducing the number of our brick-and-mortar locations is a necessary business decision, CEO Robert Riesbeck said in the statement.
As of early November, the company had more than 950 stores, according to a press release announcing Riesbeck’s appointment as CEO.
Shares of Pier 1 fell 16.9% to $ 5.18 in regular trading on Monday and were declining another 4.7% in after-hours trading.