Pier 1 cancels clearance sale

According to the Wall Street Journal'sHeard on the Street column, (subscription required), Pier 1 Imports has canceled its annual clearance sale due to lack of stock in inventory. The limited supply caused the home furnishing chain to mark all items at full retail price, a move that will likely come as a shock and a disappointment to the loyal customers who flock to the store annually for the sale.

Pier 1 says it expects store traffic to fall but is confident it will retain healthy margins.
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