Pier 1 Imports Inc. says it will put "a more rigorous cost reduction program" in place in order to generate annualized savings in fiscal 2020, but UBS analysts wonder how much difference it will make. The cost-cutting measures are part of a turnaround plan that the struggling home goods retailer announced with its worse-than-expected third-quarter earnings report. "We agree a more aggressive turnaround approach is needed," analysts led by Michael Lasser wrote. "But at this point, it's unclear how much benefit it can generate. Pier 1 has captured $20 million of annualized SG&A [selling, general and administrative expenses] savings for FY'20 ($35 million total expected)." Pier 1 reported a third-quarter loss of 62 cents, sales of $413.2 million, and a same-store sales decline of 10.5%. The results came with the benefit of a holiday shift. The FactSet consensus was for a loss of 6 cents per share, sales of $452.0 million and same-store sales decline of 2.9%.