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Pier 1 Imports, Inc. Reports Fourth Quarter And Fiscal Year 2014 Financial Results

Pier 1 Imports, Inc. (NYSE:PIR) today reported financial results for the 13-week and 52-week periods of fiscal 2014 ended March 1, 2014. The fourth quarter and full year of fiscal 2013 included 14 weeks and 53 weeks of results, respectively. Except where indicated, the following comparisons are of the 13-week and 52-week periods ended March 1, 2014, to the 14-week and 53-week periods ended March 2, 2013.

Fiscal 2014 Financial Highlights

  • Total sales increased 3.9%; Comparable store sales rose 2.4% on a 52-week basis
  • E-Commerce sales represented 4% of total sales
  • Gross profit of $745.6 million, or 42.1% of sales
  • Earnings per share of $1.01
  • Repurchased $203.9 million of the Company’s shares in fiscal 2014; $90.3 million subsequent to year-end
  • Distributed $21.7 million to shareholders through quarterly cash dividends

Fiscal 2014 Operating Highlights

  • Implemented new point-of-sale system
  • Re-branded and re-launched ‘Express Request’ special order program
  • Upgraded information technology and systems in support of ‘1 Pier 1’
  • Enhanced existing store portfolio and opened 27 new locations
  • Named Executive Vice President – Marketing
  • Rolled out in-home delivery

“Fiscal 2014 was a transformational year for Pier 1 Imports,” stated Alex W. Smith, President and Chief Executive Officer. “Through our ‘1 Pier 1’ strategy we have evolved our operating model from a broad and productive portfolio of Pier 1 Imports stores to a true omni-channel retail business. During the year we added new functionality and services to our e-Commerce capabilities and began positioning our stores as facilitators and ambassadors for Pier1.com. We are working hard to improve the Pier 1 Imports brand experience in every way – strengthening our store portfolio with new and relocated stores and continually enhancing our ability to provide customers with a seamless shopping experience. As a testament to the early success of ‘1 Pier 1’, e-Commerce delivered 4% of total sales in its sophomore year – well on its way to achieving our targeted sales contribution of 10% by the end of fiscal 2016.”

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