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Pier 1 board authorizes $150 million stock buyback

By Furniture Today Staff -- Furniture Today, April 14, 2002

FORT WORTH, Texas — The board of specialty retailer Pier 1 Imports has authorized the repurchase of up to $150 million of Pier 1 common stock, either in private transactions or on the open market, over the next two to three years, depending on market conditions.

This authorization replaces the previously authorized 2.8 million share repurchase. Pier 1 presently has 93.6 million shares outstanding.

Pier 1 also announced a quarterly cash dividend of five cents per common share, payable May 22 to shareholders of record on May 8.

Marvin Girouard, Pier 1's chairman and chief executive officer, said, "The company continues to perform well and believes that these two actions show that it is the board's intent to return excess cash flow to shareholders in the form of dividends and share repurchases."

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