This Day On The Street
Continue to site
ADVERTISEMENT
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 Fiscal 2013 Third Quarter Financial Results

Pier 1 Imports, Inc. (NYSE:PIR) today reported financial results for the third quarter ended November 24, 2012.

Third Quarter Financial Highlights
  • Comparable store sales increased 7.9% versus last year’s increase of 7.0%; three-year cumulative comparable store sales increase of 25.1%
  • Gross profit as a percentage of sales up 70 basis points to 43.9%
  • Operating income increased 18%; operating margin expanded to 9.1%
  • Earnings per share of $0.22 (GAAP) and $0.25 (non-GAAP) versus $0.21 last year (see reconciliation below of earnings per share to adjusted non-GAAP earnings per share)

“Our third quarter results represent the 13 th consecutive period of growth in comp store sales and earnings per share,” stated Alex W. Smith, President and Chief Executive Officer. “Our team continues to execute well, bringing the Pier 1 Imports customer a highly differentiated assortment of merchandise that keeps her coming back to both our stores and website. This marks the Company’s first full quarter of e-Commerce sales and we’re pleased with the initial results, as the level of both new and existing customer visits indicates the long-term opportunity is significant. Indeed, we saw very strong traffic at both our stores and Pier1.com during the period, and trends have remained robust thus far in the holiday selling season.”

Smith continued, “The combination of our sizeable store base and e-Commerce capabilities provides us with a powerful platform for growth. We are continuing to build out our multi-channel functionality and believe the business is ideally positioned to achieve the goals laid out in our Three-Year Growth Plan. Our Board of Directors and management greatly appreciate the support of Pier 1 Imports’ shareholders and remain committed to returning value to them. Today, we are announcing our third $100 million share repurchase program, reflecting our confidence in the underlying strength of the business and the significant potential ahead of us. Additionally, we have increased our quarterly cash dividend by 25% to $0.05 per share.”

1 of 8

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,728.22 -23.17 -0.13%
S&P 500 2,106.91 -1.66 -0.08%
NASDAQ 5,128.4540 +16.7210 0.33%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs