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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.

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