Pier 1 Imports, Inc. Reports First Quarter Financial Results

Balance Sheet and Share Repurchase Program

As of May 26, 2012, the Company remained in strong financial condition with $217.9 million of cash and cash equivalents. Inventory totaled $333.5 million and was in line with management’s expectations. Capital expenditures totaled $12.2 million and were primarily used for new store openings, existing store fixtures and improvements, and infrastructure and technology development, including the Company’s new e-Commerce platform and new point-of-sale system.

Under the Pier 1 Imports’ current $100 million share repurchase program, the Company repurchased a total of 2,864,600 shares of its common stock during the first quarter ended May 26, 2012 at a weighted average cost of $17.00 per share for a total cost of approximately $48.7 million. Since the end of the first quarter, the Company has repurchased an additional 450,000 shares of its common stock at a weighted average cost of $15.88 per share and a total cost of approximately $7.1 million. To date, the Company has repurchased 3,314,600 shares under the current $100 million share repurchase program at a weighted average cost of $16.85 and a total cost of $55.9 million and $44.1 million remains available for repurchase under the plan. As of June 14, 2012, approximately 107.3 million shares of the Company’s common stock were outstanding.

Fiscal 2013 Guidance

The Company’s fiscal year 2013 will include 53 weeks of operating results. The Company provided the following financial guidance for fiscal 2013 on a 52-week basis:

• Comparable store sales growth in the mid single-digit range
• Earnings per share in the range of $1.08 to $1.14, representing year-over-year growth of 15% to 21%, compared to prior guidance of $1.06 to $1.12
• The 53 ^rd week is expected to contribute approximately $25 million to total sales and $0.01 to $0.02 to earnings per share
• Capital expenditures of approximately $70 to $75 million

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