Pier 1 Imports, Inc. (NYSE:PIR) today reported financial results for the fourth quarter and fiscal year ended February 25, 2012.
Fourth Quarter Financial 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%
- Operating income increased 34% and is 16.4% of sales compared to 13.7% of sales last year
- Earnings per share of $1.04 and $0.48 (before non-recurring tax benefits primarily resulting from the change in the Company’s valuation allowance) versus $0.48 per share last year (minimally taxed)
Full-Year Financial Highlights
- Comparable store sales increase of 9.5% versus last year’s increase of 10.9%; three-year cumulative comparable store sales increase of 21.9%
- Gross profit increase of 270 basis points to 42.5% of sales
- Operating income increased 49% and is 10.1% of sales, exceeding the Company’s three-year goal
- Earnings per share of $1.48 and $0.94 (before non-recurring tax benefits primarily resulting from the change in the Company’s valuation allowance) versus $0.85 per share last year (minimally taxed)
- Repurchased approximately 8% of common stock
Full-Year Operating Highlights
- Well underway with development of e-Commerce platform in preparation for next phase of growth
- Successfully launched site-to-store initiative, Pier 1 To-Go
- Enhanced existing store portfolio and opened 15 new locations
- Upgraded information technology and systems
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