This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Pier 1 Imports, Inc. Reports Second Quarter Financial Results

Merchandise margins for the second quarter were 60.1% compared to 59.4% in the same period last year. Store occupancy costs were $69.4 million, or 18.9% of sales, compared to $67.2 million, or 19.8% of sales, last year. Gross profit for the quarter improved to $151.5 million, or 41.2% of sales, from $134.5 million, or 39.6% of sales in the second quarter of last year.

Second quarter selling, general and administrative expenses were $112.0 million, or 30.5% of sales, compared to $105.8 million, or 31.1% of sales, in the same period of fiscal 2012. The 60 basis point improvement was primarily due to the leveraging of store salaries and fixed expenses, reflecting the Company’s effective cost containment efforts, and was slightly offset by planned increases in marketing expense.

Operating income for the second quarter increased 36% to $32.3 million, or 8.8% of sales, compared to last year’s second quarter operating income of $23.7 million, or 7.0% of sales.

Year-to-Date Results

For the year-to-date period ended August 25, 2012, the Company reported net income of $44.1 million, or $0.40 per share, which included the tax benefit and reduced accrued interest resulting from the reversal of a portion of the Company’s reserve for uncertain income tax positions, as described below under Income Taxes. Utilizing an estimated annual effective tax rate of 35.6%, and excluding the reversal of accrued interest referenced above, adjusted net income on a non-GAAP basis for the first six months of fiscal 2013, as described below under Financial Disclosure Advisory, was $38.7 million, or $0.35 per share. The Company reported net income of $30.7 million, or $0.26 per share, for the same period last year. Total sales for the first six months increased 8.1% to $728.7 million from $674.2 million in the year-ago period. Comparable store sales for the first six months increased 7.0% versus a comparable store sales increase of 10.5% in the year-ago period.

2 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs