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TheStreet Open House

Pier 1 Imports, Inc. Reports Fiscal 2013 Third Quarter Financial Results

Stocks in this article: PIR

Declaration of Quarterly Cash Dividend

The Company today announced that its Board of Directors declared a $0.05 per share quarterly cash dividend on the Company’s outstanding shares of common stock, reflecting a 25% increase from the previous quarterly cash dividend. The $0.05 quarterly cash dividend will be paid on January 30, 2013 to shareholders of record on January 16, 2013. As of December 13, 2012, approximately 106.0 million shares of the Company’s common stock were outstanding.

Financial Guidance

The Company’s fiscal 2013 fourth quarter and fiscal year will include 14 weeks and 53 weeks, respectively, of operating results. The Company provided the following financial guidance for the fiscal 2013 fourth quarter on a 13-week basis:

  • Comparable store sales growth in the mid single-digit range
  • Earnings per share (GAAP) in the range of $0.55 to $0.59, utilizing an effective tax rate of 38.5%
  • Earnings per share (non-GAAP) in the range of $0.57 to $0.61, utilizing an annual effective tax rate of 35.6%

The Company provided the following updated financial guidance for full fiscal year 2013 on a 52-week basis:

  • Comparable store sales growth in the mid single-digit range
  • Earnings per share, on both a GAAP and non-GAAP basis, in the range of $1.17 to $1.21
  • Capital expenditures of approximately $70 to $75 million

The 14 th and 53 rd week is expected to contribute approximately $25 million to total sales and approximately $0.02 to earnings per share.

Third Quarter Results Conference Call

The Company will host a conference call to discuss fiscal 2013 third 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 59879356.

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 59879356.

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