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  
 

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 expected earnings per share results in a more consistent manner for the second quarter of fiscal 2013. The non-GAAP measure should be considered supplemental and not a substitute for the Company’s earnings per share results that are expected to be recorded in accordance with GAAP for the period presented.

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