Pier 1 Imports (U.S.), Inc. -- Moody's Says Pier 1's Revised FY 2015 Guidance is Credit Negative

New York, February 13, 2015 -- Moody's Investors Service said Pier 1 Imports (U.S.), Inc.'s (Pier 1) recent announcement revising guidance lower for its fiscal year ended February 2015 is credit negative as it signals higher than anticipated costs associated with the company's investments in its omni-channel strategy with only modest year over year revenue growth, resulting in leverage above Moody's initial forecast. However, the company's B1 Corporate Family Rating (CFR) and stable rating outlook are not affected because Moody's believes these investments will ultimately support sales and EBITDA growth, keeping debt-to-EBITDA within the levels anticipated for the rating and maintaining the company's good liquidity profile.

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