Pier 1 Imports, Inc. (NYSE:PIR) today reported sales results for the second quarter ended August 25, 2012. Second Quarter Highlights
- Comparable store sales increased 6.7% on top of last year’s 10.8% gain; three-year cumulative comparable store sales increased 28.7%
- Total sales increased 8.3% to $368 million
- Gross profit expected to be approximately 41.2% of sales versus 39.6% of sales last year
- Earnings per share expected to be approximately $0.24 (GAAP) and $0.19 (non-GAAP) versus $0.14 in the second quarter of fiscal 2012 (see reconciliation below of expected earnings per share to adjusted expected non-GAAP earnings per share)
Alex W. Smith, President and Chief Executive Officer, commented, “We are very pleased with our profitable sales growth this quarter, which reflects strong execution across all aspects of the organization. Our stores have transitioned from summer to fall and customers have responded favorably to our new assortments.”Mr. Smith added, “We are delighted with the highly successful, on-time launch of our new e-Commerce enabled website, Pier1.com, in late July. The new site includes direct-to-customer shipping, a full redesign, enhanced functionality and new features, and has met with positive response from our customers. The continued development and expansion of our e-Commerce business will be an important part of our growth strategy going forward. We look forward to discussing our second quarter results and providing a general business update during our upcoming conference call.” Second Quarter Conference Call Information The Company will announce fiscal 2013 second quarter financial results prior to market open on September 13, 2012 and will host a conference call later that morning at 10:00 a.m. Central Time to discuss the results. Investors will be able to connect to the call through the Company’s website at www.pier1.com. The conference call can be accessed by linking through to the “Investor Relations” page to the “Events” page, or you can listen to the conference call by calling 1-800-498-7872, or if international, 1-706-643-0435. The conference ID number is 21731533. Financial Disclosure Advisory This release references non-GAAP information for the second quarter of fiscal 2013 as shown in the table below.
|Three Months Ended|
|August 25, 2012|
|Expected Earnings per Share (GAAP)||$||0.24|
|Interest Expense Adjustment Related to Uncertain Tax Positions, net of tax||(0.02||)|
|Difference in Income Tax at 35.6% Annual Effective Tax Rate||(0.03||)|
|Adjusted Expected Earnings per Share (non-GAAP)||$||0.19|
Management’s expectations and assumptions regarding future results are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements included in this press release. Any forward-looking projections or statements should be considered in conjunction with the cautionary statements and risks contained in the Company’s Annual Report on Form 10-K. Refer to the Company’s most recent SEC filings for any updates concerning these and other risks and uncertainties that may affect the Company’s operations and performance. The Company assumes no obligation to update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied will not be realized.Pier 1 Imports, Inc. is the original global importer of imported decorative home furnishings and gifts. Information about the Company is available on www.pier1.com.