November 18, 1998 |
Home Depot Inc., Dayton Hudson Corp. and other retailers reported strong profit gains for the third quarter as the economy boosted sales of everything from paint and other household goods to casual clothes. Home Depot, the biggest U.S. retailer of home improvement supplies, said its net income increased 31% to $392 million, or 20 cents a share, a penny higher than expected. Revenue surged 24% to $7.7 billion as strong housing sales fueled demand for its home and building supplies.
June 25, 2008 |
Retailer Pier 1 Imports Inc. said Tuesday that it was withdrawing its offer to buy rival Cost Plus Inc. for $88 million. Pier 1 said it was unlikely that it would be able to buy the company at a price that would make sense for its shareholders. The company offered to buy Cost Plus this month in a stock swap transaction. In the proposal, Pier 1 said it would issue 0.6 of a share of its common stock for each share of Cost Plus common stock, implying a value of $4 a share. Last week, Cost Plus' board of directors rejected Pier 1's offer.
July 10, 2008 |
Pier 1 Imports Inc., the biggest U.S. retailer of imported furniture, will close 20 to 25 stores before the end of the year to cut costs. The company also will eliminate excess distribution center space, it said in a regulatory filing. Costs from closing stores and terminating leases will be as much as $8 million. Fort Worth-based Pier 1 withdrew an offer last month to buy Cost Plus Inc., saying the price would be too high, and instead decided to focus on its own turnaround. The company has already closed 79 stores and sold its headquarters.