Shares of Pier 1 plummeted after the company said it would miss sales and earnings targets for the fourth quarter and announced it has replaced its chief financial officer. TheStreet’s Jim Cramer says you don’t have a stock down and the CFO leave unless there’s a bigger story than that the comparable sales didn’t do that well. He says this does not add up and demands more information from the company. Pier 1 now says it expects to report earnings of $0.80 to $0.83 a share for the fiscal year ending February 28, below the FactSet consensus estimate of $1 a share. The stock opened down about 30 percent Wednesday on the news.
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