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Pier 1 Imports, Inc. Announces 2013 Fourth Quarter And Fiscal Year Sales And Fourth Quarter Expected Earnings Per Share

Pier 1 Imports, Inc. (NYSE:PIR) today reported sales results for the 14-week fourth quarter and 53-week fiscal year ended March 2, 2013.

Fourth Quarter Highlights
  • Comparable store sales increased 7.9% on top of last year’s 10.3% gain; three-year cumulative comparable store sales increased 27.1%
  • Total sales increased 15.7% to $552 million for the 14-week period
  • Gross profit expected to be approximately 46.2% of sales versus 45.5% of sales last year
  • Earnings per share expected to be approximately $0.57-$0.58 (GAAP) and $0.59-$0.60 (non-GAAP) on a 14-week basis versus $1.04 (GAAP) and $0.48 (non-GAAP) in the fourth quarter of last year (see reconciliation below of expected earnings per share to expected adjusted non-GAAP earnings per share)

For the fourth quarter ended March 2, 2013, comparable store sales on a 13-week basis increased 7.9% versus an increase of 10.3% for the fourth quarter ended February 25, 2012. Total sales for the 14-week fourth quarter improved 15.7% to $552 million compared to $477 million in the 13-week fourth quarter of last year. Strong comparable store sales results for the quarter were primarily attributable to increases in store traffic and higher average ticket. Fourth quarter merchandise margins at the store level are expected to be essentially flat year-over-year. Gross profit is expected to be approximately 46.2% of sales for the fourth quarter versus 45.5% of sales for the fourth quarter of last year.

For the fiscal year ended March 2, 2013, total sales for the 53-week period increased 11.2% to $1.705 billion from $1.534 billion last fiscal year. Comparable store sales for fiscal 2013 on a 52-week basis increased 7.5% versus an increase of 9.5% last fiscal year.

Earnings per share for the fourth quarter of fiscal 2013 are expected to be approximately $0.57-$0.58 (GAAP) and $0.59-$0.60 (non-GAAP) on a 14-week basis compared to $1.04 (GAAP) and $0.48 (non-GAAP) in the fourth quarter of last year on a 13-week basis (see reconciliation below under Financial Disclosure Advisory).

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