Dive Brief:

• Fort Worth, TX-based Pier 1 Imports Inc. said late Tuesday that it hadn’t adequately accounted for ongoing supply-chain expenses in forecasts and that it had overstated how much revenue it would recoup after sales were hurt by weather last year.

• The company said that CFO Charles Turner would be replaced by Laura Coffey, who’s been with the company since 1997, on an interim basis.

• The news took investors by surprise and sent shares down 24%.

Dive Insight:

Things had been looking up for Pier 1 Imports for the past year, but looks like they aren’t as rosy as they seemed. Oppenheimer & Co analyst Brian Nagel said that it’s “now clear that our call that the ‘worst was over’ for Pier 1 was premature,” but also said that Turner was a “fall guy” for the troubles revealed Tuesday. CNBC’s Herb Greenberg agrees with that.

"It's like they're making this up as they are going along because they kept changing the story, changing guidance, changing definitions—none of that is what you want to see," Greenberg said Wednesday.