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Pier 1 Imports, Inc. Reports Second Quarter Financial Results

Income Taxes

During the second quarter of fiscal 2013, the Company reversed $5.9 million of its reserve for uncertain income tax positions for which the statute of limitations expired. This adjustment resulted in an income tax benefit of $5.9 million during the quarter. In addition, the Company reversed $2.8 million of accrued interest related to these uncertain tax positions. For the last half of fiscal 2013, income tax expense is expected to be approximately 38% to 39% of pre-tax income. The Company’s effective tax rate for fiscal year 2013 is expected to be approximately 35% to 36% of pre-tax income.

Fiscal 2013 Guidance

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

  • Comparable store sales growth in the mid single-digit range
  • Earnings per share (GAAP) in the range of $1.15 to $1.21
  • Earnings per share (non-GAAP) in the range of $1.10 to $1.16, representing year-over-year growth of 17% to 23%, compared to prior guidance of $1.08 to $1.14
  • Capital expenditures of approximately $70 to $75 million

The 53 rd week is expected to contribute approximately $25 million to total sales and $0.01 to $0.02 to earnings per share.

Second Quarter Results Conference Call

The Company will host a conference call to discuss fiscal 2013 second 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 21731533.

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 21731533.

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