1A Pier 1 imports is a typical chain retailer that operates distinct home furnishings and decoration based on customers’ preferences and fashion tendency with a competitive price. It was founded in San Mateo, California in 1962, then established its corporate headquarters in Fort Worth, Texas in 1966. After more than forty years of rapid development, it operates more than 1000 stores in the United States, Canada, El Salvador, and Mexico now. (1) Pier 1 imports also operates six large distribution and fulfillment centers to transport merchandise to the various stores or to deliver directly to customers.(10-K, p5) The table below lists Pier 1 imports’ main locations.(10-K, p4)
1B Pier1 imports sells home goods, the merchandise are many and
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On one hand, the market price went down, on the other hand, under the common stock share repurchase programs, Pier1 imports repurchased 10,280,312; 9,788,257; 5,822,142 and 9,498,650 shares in fiscal 2015, 2014, 2013 and 2012 respectively, so the outstanding shares were decreased faster. (10-K, p19)
1D Ernst and Young LLP (EY) conducted the financial audit of Pier 1 Imports and issued a standard unqualified audit report. A standard unqualified audit report means the financial statements are free of material misstatement and fairly stated, the auditor provided reasonable assurance on the financial statements so that the users can rely on them to make any investment decisions.
1E Ernst and Young LLP (EY) also issued an unqualified opinion on the company’s ICFR, it implied Pier 1 imports’ internal control was designed and operated effectively in all material
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They have significant differences. First, the auditor provides reasonable assurance about whether the financial statements are free from material misstatement due to error or fraud in an audit report, but provides limited assurance about whether the financial statements are free from material modifications in a review report. A few procedures are performed in a review engagement. (3) Second, a review report is conducted according to the standards of AICPA, while an audit report is conducted according to the standards of PCAOB. Moreover, review service is less cost than audit
Pier 1 Imports is a decorative home furnishings and gift retailer with its headquarters in Ft. Worth, Texas. They have over 1,000 stores located most in the United States and additional in Canada (MadDash, 2012). In the same video, Pier 1 recognizes itself as the “original global importer of imported decorative home furnishings and gifts”. The company has 22,200 employees as of the end of its 2014 fiscal year and a revenue of $1,771.7 million making it one of the largest corporations in the DFW Texas area (Pier 1 Imports, Inc, 2014). Though sales associates have a positive relationship with Pier 1, the company 's weaknesses and threats have proven to impact corporate executives and company profits.
Net sales of Pier 1 Imports declined by 8.63% in FY 2007, and the company attributed the decrease in sales to weak product merchandising and marketing mix. In additions, this has failed to attract consumers to stores. Kirkland’s has opened new
Pier 1 excels in its strategy as a niche differentiator with the right product selection in the specialty segment of home furnishings. So, why did Pier 1 Imports decide to maintain its brick-and mortar strategy in the height of the e-commerce era? This paper will help us better understand
In the Dealey plaza, on Friday, November 22, 1963, Kennedy had been shot in the head by a sniper, named Lee Harvey Oswald, while he had been traveling with his wife for unknown reasons, all the while he was with the Texas Governor Jacqueline, John Connally, and Connelly's wife, Nellie, in a presidential motorcade. A ten-month investigation from November 1963 to September 1964 by the Warren Commission concluded that Oswald acted alone in shooting Kennedy for unknown reasons, while Jack Ruby also acted alone in what would be believed was a pursuit of vengeance when he killed Oswald before he could stand trial. The Dallas Trade Mart had been preliminary selected for the formal usually midday meal appointment that secretary Kenneth O'Donnell. It was selected that the final destination of the Trade Mart would be the end of the motorcade journey, leaving from Dallas' Love Field; 45 minutes had been allotted for the motorcade to reach the Dallas Trade Mart at a planned arrival time of 12:15 p.m. The actual route was chosen to be a meandering 10-mile (16-km) route from Love Field to the Trade Mart, which could be driven slowly in the allotted time.
Bed, Bath and Beyond (BBBY) currently has $400 million more in cash than they need for ongoing growth and operations requirements. While the company is financially sound analysts and investors worry about the company’s capital structure decisions. Investors do not want to see that much cash on the books and worry that the current capital structure is not the most effective for the future. They prefer that BBBY change their capital structure by paying out excess cash and issuing debt. This could allow BBBY to improve their return on equity and raise earnings per share. Given the low interest rates available it seems like the perfect time for BBBY to add debt to its capital structure. Until now they
Costco Wholesale is known for selling groceries and retail items in bulk. In addition, it is known for selling Tiffany engagement rings. However, do not jump to conclusions. Costco Tiffany engagement rings are different from the upscale New York jewelry store Tiffany blue box engagement rings.
The objective of the fair and square strategy was to simplify JC Penney’s pricing structure by dropping the current high-low pricing strategy and changing it for an “every day low price” strategy. In theory, this would make pricing simple both for JC Penney and the consumer, with less sales and promotions and the associated costs.
A review and an audit report are both a form of an attestation engagement. A Review, however, is less in scope so it provides a moderate level of assurance on the financial statements. It is considered a “sniff” of an audit, which comparatively provides reasonable assurance that no material misstatements occurred. Since a review deals with a limited scope, it does not provide the basis for expressing an opinion on the presentation of the
Whole Foods Market has evolved into one of the largest retailers of natural and organic foods. This company 's rapid growth and market success has to do with being a mission-driven company. Whole Foods is highly selective about what they sell and are dedicated to their core values. Whole Food 's integrated strategy consists of growth, differentiation, merchandising, and customer service. This strategic plan was aimed at expanding its operations to offer high quality and nutritious foods to more and more customers. It was also aimed at promoting organically grown foods, food safety concerns, and sustainability of the entire ecosystem.
Ernst and Whitney never issued an audit opinion on financial statements of ZZZZ Best but did issue a review report on the company’s quarterly statements for the three months ended July 31, 1986. How does a review differ from an audit, particularly in terms of the level of assurance implied by the auditor’s report?
Costco operates two websites, www.costco.com in the United States and www.costco.ca in Canada. These websites were targeted to provide alternative shopping experience to its customers by providing services like travel services, digital photo processing, prescription drugs and pharmacy products, along with other membership services.
If Uptown Pizza decides to take legal action, they would first have to establish a plan on what the company is trying to achieve and how they will execute this lawsuit. Once a plan is established- in this case Uptown Pizza is trying to receive compensation or elimination of the unused space- a lawyer with adequate experience should be hired at an average cost of $250 per hour. Uptown Pizza and the landlord may try to settle the dispute out of court by using a few processes such as mediation, settlement conference and trial conference. Mediation is a neutral third party that may help both sides find a solution to the dispute. A settlement conference is when the two parties can sit with a provincial court judge and explore the ways they can settle
In order to gain information about the wants of the customers in each region, Macy should collect enough data from its Transaction Process System. The transaction process system will enable Macy’s to view what is being bought in each region. This enables for more accurate data to be implemented in the information systems. When data is collected form TPS, then management can collect the statistical data from the market and analyze them using analytical software applications, such as Hadoop. Another way that they can collect information for their information systems would be to create online campaign, a survey, whatever is available.
Patagonia strives to provide quality clothing and outdoor equipment while staying as environmentally friendly as possible. A hiking boot, for example, would need to fit strict requirements. The boot would need to be durable, comfortable, stylish, and made from environmentally friendly products. You also need to determine if there is a large enough market for the product. This would provide the means necessary to determine if the product has the highest chance of being successful. Given these strict requirements, one way to help keep the costs down is to use recycled material from older products that costumers turn in, therefore saving resources and money.
California Pizza Kitchen has been operating since 1985 predominantly in California. As of June 2007, they had 213 retail locations in the US and abroad. Analysts have put estimates on the potential of 500 full service locations. CPK's strategy includes the opening of 16 to 18 new locations this year including the closing of one location. In the second quarter of 2007, revenue increased 16% while comparable restaurant sales grew by 5%. Performing comparatively well against its competitors, CPK's stock has been depressed recently falling to $22.10 in June making their P/E equal to 31.9 time current earnings. In comparison with BJ's Restaurants with a P/E of 48.9, CPK appears undervalued. CPK's direct