Pier 1 Imports, Inc. Reports Fourth Quarter And Fiscal Year 2012 Financial Results

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

Alex W. Smith, President and Chief Executive Officer, commented, “We are extremely pleased with our fiscal 2012 results, which reflect solid execution under our three-year growth plan. The enhancements we’ve made across the store portfolio – along with improvements to merchandising, in-store presentation and service – are resonating with customers and driving increased traffic and sales. Indeed, we achieved a total sales increase of 9.8% in fiscal 2012 and a comp store sales increase of 9.5% on top of last year’s comp store gain of 10.9%. At the same time, we delivered strong profitability and returned value to our shareholders through our share repurchase program.”

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