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Pier 1 Imports, Inc. Reports First Quarter Financial Results

President and CEO Employment Agreement Extension

On June 13, 2012, the Company executed a three-year renewal and extension of the employment agreement with its President and Chief Executive Officer, Alex Smith. A copy of the agreement has been filed with the SEC.

Michael R. Ferrari, Chairman of the Board, commented, “Alex has now been with Pier 1 Imports for over five years and under his leadership, has brought the brand back to prominence and positioned the Company as one of the leading retailers in the home furnishings industry. We are pleased to have this certainty and are confident that the Company will continue to prosper under his leadership.”

Alex W. Smith, President and Chief Executive Officer, also commented, “I’m delighted that the Chairman and Board of Directors have given me the opportunity to continue leading our well-loved Company. Working together with my outstanding executive team and our talented and enthusiastic associates, I look forward to extending the reach of the Pier 1 Imports brand and achieving the objectives set out in our three-year growth plan.”

First Quarter Results Conference Call and Annual Meeting of Shareholders Information

The Company will host a conference call to discuss fiscal 2013 first quarter financial results at 10:00 a.m. Central Time today. The call can be accessed through the Investor Relations page of the Company’s website at www.pier1.com or by dialing 1-800-498-7872, or if international, 1-706-643-0435. The conference ID number is 82818955.

A replay will be available beginning at approximately 12:00 p.m. Central Time for a 24-hour period and can be accessed by dialing 1-855-859-2056, or if international, 1-404-537-3406 using conference ID number 82818955.

Pier 1 Imports, Inc. will host its annual meeting of shareholders on Tuesday, June 26, 2012 at 10:00 a.m., Central Time. The meeting will be held on the Mezzanine Level, Conference Center Room C, Pier 1 Imports, Inc. Headquarters, 100 Pier 1 Place, Fort Worth, Texas.

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