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Pier 1 Imports, Inc. Announces Fourth Quarter And Fiscal Year Sales

Pier 1 Imports, Inc. (NYSE:PIR) today reported sales results for the fourth quarter and fiscal year ended February 25, 2012.

Fourth Quarter Highlights

  • Comparable store sales increase of 10.3% versus last year’s increase of 8.9%; three-year cumulative comparable store sales increase of 25.7%
  • Gross profit expected to be approximately 45.5% of sales versus 42.8% of sales last year
  • Earnings per share expected to be in a range of $1.03 - $1.04 (fully taxed) and a range of $0.47 - $0.48 before the net tax benefit resulting from the anticipated reversal of the Company’s valuation allowance

Comparable store sales for the fourth quarter ended February 25, 2012 increased 10.3% compared to last year’s comparable store sales increase of 8.9% for the fourth quarter ended February 26, 2011. Total sales for the quarter improved 11.8% to $477 million compared to $427 million in the year-ago quarter. For the fiscal year ended February 25, 2012, total sales increased 9.8% to $1.534 billion from $1.396 billion last fiscal year. Comparable store sales increased 9.5% for the fiscal year compared to a comparable store sales increase of 10.9% last fiscal year. Merchandise margins remained strong in the fourth quarter and will be approximately 59.5% of sales compared to last year’s fourth quarter merchandise margins of 58.4% of sales. Gross profit is expected to be approximately 45.5% of sales for the fourth quarter versus 42.8% of sales for the fourth quarter last year. Fourth quarter earnings per fully diluted share are expected to be in a range of $1.03 - $1.04 (fully taxed) and a range of $0.47 - $0.48 before the net tax benefit resulting from the anticipated reversal of the Company’s valuation allowance. Last year’s fourth quarter reported earnings were $0.48 per share (minimally taxed).

Alex W. Smith, President and Chief Executive Officer, commented, “Fiscal 2012 has been another excellent year for Pier 1 Imports and we are delighted to end our year with strong fourth quarter sales results. Merchandise margins remained strong throughout the quarter and will be approximately 59.5% of sales. Our spring, outdoor and Easter product assortments are pacing ahead of last year and we feel very confident this momentum will carry into the first quarter as we start our new fiscal year.”

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