Its growth has been virtually non existant. This company's management wouldn't know how to grow a house plant never mind a company. They can hardly maintain the business that they have (see same store sales). For a measure of growth, look at the company's past stock price (negatively sloping trend) and for a measure of expected growth, take a look at the company's p/e (much lower than other specialty retail stores). This company could have growth with the right management, but it seems that this management has a different adgenda. While its competition is taking advantage of the strong economy with on line shopping, expanded hours, expanded product line, etc. PIR is comfortable with business as usual. A word to the wise from someone who has learned the hard way: Stay away from this company unless there is an upheaval of management.
I spent some time in the Santa Barbara store on Saturday, and I am now convinced this company is poorly run. Their assortment is hideous, and the merchandising of the store is nonexistent. Furniture on the sales floor is stacked four and five units high, undoubtedly because they can't move this junk (even though most of it's on sale). And there is absolutely nothing in the store that gives PIR any distinction. It's the same stuff you can find at K-Mart and Target, which is fine at their prices, but not at PIR's prices.
If they don't drastically change their format, they will be pummelled by the likes of their competition.
Does anyone know something about the management? Have any top positions changed hands over the last year?
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