PIR's Q3 loss was $36.9 million, up $29.6 million from it's $10 million loss 1 year ago.
Pier 1's stock price fell after it offered $88 million to acquire Cost Plus, a similar retailer. While the deal hasn't been completed yet, debate continues as to how Cost Plus would affect Pier 1's margins.
Deutsche Bank analyst Mike Baker raised the rating on PIR stock from hold to buy.
Marvin J. Girouard stepped down as CEO after working there for over thirty years. Alex Smith, a former Senior Vice-President with the TJX Company, replaced him effective February 19, 2008.