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TheStreet Open House

Pier 1 Imports Management Discusses Q2 2013 Results - Earnings Call Transcript

Stock quotes in this article: PIR

Please refer to our SEC filings, including our annual report on Form 10-K, for a complete discussion of the major risks and uncertainties that may affect our business. Forward-looking statements made today are as of the date of this call, and we do not undertake any obligation to update our forward-looking statements.

The company will also discuss non-GAAP financial measures on this conference call. Pursuant to the requirements of Regulation G and Item 10E of Regulation SK, the company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures in our earnings press release that was issued earlier this morning. If you do not have a copy of today's press release, you may obtain one, along with copies of the prior press releases and all SEC filings, by linking through to the Investor Relations page of our website, pier1.com.

Now I'd like to turn the call over to Alex Smith, our President and Chief Executive Officer. Alex?

Alexander W. Smith

Thanks, Kelley. Good morning, everyone, and thanks for joining us today. Also on the call with us today is Cary Turner, of course, our Senior Executive Vice President and Chief Financial Officer. And in a few moments, Cary will provide a detailed review of our second quarter financial results and updated earnings guidance for the year.

We're very pleased with our strong second quarter financial performance, which marks our 12th consecutive quarter of significant comp store sales gains and profitability increases. During the period, we delivered a comp store sales increase of 6.7%, achieved operating margins of 8.8% and grew non-GAAP earnings per share by 36%. Our talented and hardworking associates with their exceptional drive and their focus on creating an increasingly prosperous Pier 1 Imports have delivered consistent top and bottom line growth, expanded our market share and allowed us to return value to our shareholders through stock purchases and cash dividends.

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