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Pier 1 Imports (PIR) shareholders have been through a painful quarter. Stock in the company have dropped over 40% in the last 90 days.
That got worse today. PIR said its same-store sales for the second quarter fell 1.7 percent.
Pier 1 CEO Alex Smith has not participated in too much of the company’s pain. He made a base salary of $1 million last year and got a $750,000 bonus. His total compensation was over $7.7 million. Mr. Smith even got a car allowance of over $19,000.
Pier 1 has lost over $300 million in market cap in a few short months, about half the company’s total value. Mr. Smith probably has not taken a 50% pay cut.
Douglas A. McIntyre
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