Lisa Vanderpump Responds After a Ferrari Crashes Into Her Restaurant
Pier 1 reports widening losses, hundreds of planned store closures
Pier 1 Imports Inc. PIR, -16.93% closed down 16.9% Monday, after the company reported widening losses and up to 450 store closures. The struggling retailer reported a third-quarter net loss of $60 million, which amounts to $14.15 a share, versus a net loss of $50.4 million, or $12.49 a share, in the year-ago period. Revenue fell to $358.4 million from $413.2 million a year ago. Pier 1 reported that it had $54.9 million in cash and equivalents of $11.1 million at the end of the third quarter. Pier 1 said Monday that it planned to close up to 450 locations, several distribution centers and reduce its corporate expenses. The company also said it has contracted a liquidation company to close the stores. Pier 1 stock has fallen 40% in the past year, as the S&P 500 index SPX, +0.35% has gained 28%.
Juul moves its new CFO to take charge of restructuring
Juul Labs Inc. is shuffling its leadership ranks, appointing an interim chief financial officer and putting his predecessor in charge of the e-cigarette maker’s $1 billion restructuring effort.
Guy Cartwright, who became CFO in October, is leaving the role to become the company’s chief transformation officer. He took over the top finance job shortly after Juul switched CEOs amid a federal crackdown on underage vaping and flavored e-cigarettes.
Saurabh Sinha, the company’s accounting chief, is taking over as interim CFO, a company spokesperson said Monday. Sinha joined the San Francisco startup in 2018, according to his LinkedIn profile.
The change, which is effective immediately, comes as the e-cigarette company braces for a hit in sales after voluntarily stopping the sale of most of its flavors in the U.S. amid pressure from regulators. In November, the company cut around 650 jobs, or about 16% of its global workforce.
An expanded version of this report appears on WSJ.com.
Also popular on WSJ.com:
Australia’s catastrophic fires threaten to upend the way people live.
Roundup ruled the farm. Now its maker has a challenger.
Pompeo tells McConnell he won’t seek Senate seat in 2020
WASHINGTON — Secretary of State Mike Pompeo met with Senate Majority Leader Mitch McConnell on Monday to definitively say that he wouldn’t run for the Senate in Kansas this year, according to a person close to Pompeo.
The news comes days after a drone strike in Iraq that killed prominent Iranian military leader Qassem Soleimani.
Pompeo had previously said he was focused on his job as secretary of state and had no plans to run. However, his repeated trips to Kansas — and reports that he had discussed the race with some high-profile GOP donors — kept hope alive among some Republicans in Kansas and Washington who wanted Pompeo to run.
Among them was McConnell, R-Ky., who had heavily recruited Pompeo to run for the Senate after Sen. Pat Roberts, R-Kan. announced in January 2019 that he would retire. On Monday, however, Pompeo’s message to McConnell was an unequivocal no, according to the person close to the secretary.
An expanded version of this report appears on WSJ.com.
Also popular on WSJ.com:
Australia’s catastrophic fires threaten to upend the way people live.
Roundup ruled the farm. Now its maker has a challenger.
Tesla stock tops $450 to end at record
Tesla Inc. TSLA, +1.93% shares ended at a record Monday, up 1.9% at $451.54 and notching a fourth consecutive advance. The stock has been on a tear since mid-December, further boosted Friday by fourth-quarter deliveries that were above expectations and 2019 deliveries in line with the company’s guidance.
Merck stock slides as lung-cancer drug misses a study endpoint
Merck & Co. MRK, +0.43% shares slipped in the extended session Monday after the drug maker said that its lung-cancer drug Keytruda did not meet one of its endpoints in a clinical study. Merck shares declined 0.9% after hours, following a 0.4% rise to close the regular session at $91.64. The company said while the use of Keytruda showed a statistically significant improvement in progression-free survival in extensive stage small cell lung cancer patients compared with chemotherapy alone, there was not a statistically significant improvement in the overall survival rate.
Kylie Jenner, Coty tie-in names its CEO
Coty Inc. COTY, -1.90% and celebrity Kylie Jenner said late Monday Christoph Honnefelder will be the chief executive of their $600 million beauty tie-in, Kylie Cosmetics and Kylie Skin, "in the near future." Honnefelder most recently worked at European beauty retailer Douglas. The Coty-Jenner deal was announced in November, and both parties said Monday the transaction is completed and ready to "jointly build and further develop Kylie’s existing beauty business into a global powerhouse brand." Shares of Coty rose 1.8% in the extended session Monday after ending the regular trading day down 1.9%.
Xeris Pharma stock rallies more than 20% on study results
Xeris Pharmaceuticals Inc. XERS, -4.61% shares rallied in the extended session Monday after the drug maker said its diabetes treatment showed positive results in a mid-stage clinical study. Xeris shares surged 23% after hours, following a 4.6% decline in the regular session to close at $5.79. The company said a Phase 2 study showed that its ready-to-use glucagon "was adequate" to maintain normal blood sugar levels in Type 1 diabetes patients during and after moderate-to-high intensity aerobic exercise versus standard care.
Lisa Vanderpump Responds After a Ferrari Crashes Into Her Restaurant
Some of the reality star’s fans and followers commented on the post speculating that the crash might have been caused by some of Vanderpump’s former RHOBH castmates, with whom she famously feuded. Totally unfounded of course, but Instagram does love a conspiracy theory.
