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

Alex W. Smith, President and Chief Executive Officer, commented, “Our 2013 fiscal year ended strongly, with another quarter of significant growth in sales and earnings. Our talented and dedicated associates continue to do an outstanding job of executing our robust operating and growth strategies.”

Smith continued, “We are confident that fiscal 2014 will be another terrific year as we continue our evolution into a true multi-channel retailer, exploiting the growth potential in our two mutually supportive and interdependent businesses – our wonderful Pier 1 Imports stores and our new, two quarters-old e-Commerce business.”

Fourth Quarter and Fiscal Year Results and Conference Call Information

The Company will announce fiscal 2013 fourth quarter and fiscal year financial results prior to market open on Thursday, April 11, 2013 and will host a conference call later that morning at 10:00 a.m. Central Time to discuss the results. Investors will be able to connect to the call through the Company’s website at www.pier1.com. The conference call can be accessed by linking through to the “Investor Relations” page to the “Events” page, or you can listen to the conference call by dialing 1-800-498-7872, or if international, 1-706-643-0435. The conference ID number is 19369600.

Financial Disclosure Advisory

This release references non-GAAP information for the 14-week fourth quarter ended March 2, 2013 and the 13-week fourth quarter ended February 25, 2012 as shown in the table below.

     
14-Weeks Ended 13-Weeks Ended
March 2, 2013 February 25, 2012
 
Expected Diluted Earnings per Share (GAAP)

$0.57

-

$0.58

$1.04
Non-Recurring Tax Benefits Primarily Resulting from Change in the Tax Valuation Allowance - (0.56 )
Difference of Income Tax Provision at Estimated 35.6% Annual Effective Tax Rate    

0.02

-  
Expected Adjusted Diluted Earnings per Share (non-GAAP)

$0.59

-

$0.60

$0.48  
 

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). The Company believes that the non-GAAP financial measure included in this press release allows management and investors to understand and compare the Company’s earnings per share results in a more consistent manner for the 14-week fourth quarter ended March 2, 2013 and the 13-week fourth quarter ended February 25, 2012. The non-GAAP measure should be considered supplemental and not a substitute for the Company’s earnings per share results that will be recorded in accordance with GAAP for the periods presented.

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