Financial Disclosure AdvisoryThe Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). All financial data in this press release is preliminary and represents the most current information available to the Company's management, as financial closing procedures for the quarter are not yet complete. These estimates are not a comprehensive statement of the Company's financial results for the three-month period ended August 27, 2016, and actual results may differ materially from these estimates as a result of the completion of normal quarter-end accounting procedures and adjustments, which could result in changes to these estimates. The Company believes that the non-GAAP financial measure referenced in this press release allows management and investors to understand and compare results in a more consistent manner for the three-month periods ended August 27, 2016, and August 29, 2015. Non-GAAP financial measures should be considered supplemental and not a substitute for the Company's results reported in accordance with GAAP for the periods presented. Management believes merchandise margin is a meaningful indicator of the Company's performance which provides useful information to investors regarding its financial condition and results of operations. Merchandise margin represents the result of adding back delivery and fulfillment net costs and store occupancy costs to gross profit. Management uses merchandise margin, together with financial measures prepared in accordance with GAAP to assess the Company's operating performance, to enhance its understanding of core operating performance and to compare the Company's operating performance to other retailers. This non-GAAP financial measure should not be considered in isolation or used as an alternative to GAAP financial measures and does not purport to be an alternative to net income or gross profit as a measure of operating performance. Except for historical information contained herein, the statements in this press release or otherwise made by our management in connection with the subject matter of this press release are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and involve risks and uncertainties and are subject to change based on various important factors. This press release includes forward-looking statements that are based on management's current estimates or expectations of future events or future results. These statements are not historical in nature and can generally be identified by such words as "believe," "expect," "estimate," "anticipate," "plan," "may," "will," "intend" and similar expressions. 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. These risks and uncertainties include, but are not limited to, the fact that the Company's second quarter financial closing procedures are not complete and therefore actual results may differ from preliminary results, the effectiveness of the Company's marketing campaigns and customer databases, consumer spending patterns, inventory levels and values, the Company's ability to implement planned cost control measures, expected benefits from the real estate optimization initiative, including cost savings and increases in efficiency, and changes in foreign currency values relative to the U.S. Dollar. These and other factors that could cause results to differ materially from those described in the forward-looking statements contained in this press release can be found in the Company's Annual Report on Form 10-K and in other filings with the SEC. 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. Undue reliance should not be placed on forward-looking statements, which are only current as of the date they are made. The Company assumes no obligation to update or revise its forward-looking statements.
Pier 1 Imports, Inc. is the original global importer of home décor and furniture. Information about the Company is available on www.pier1.com.