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Larry Thomas

Pier 1 sales climb 15.7% in 4Q

FORT WORTH, Texas - Powered by improved store traffic and a higher average ticket, retailer Pier 1 Imports said fourth-quarter sales rose 15.7%.
     It was the company's 14th consecutive quarter of sales growth, and included a boost from an e-commerce website launched last July.
     Sales for the 14-week quarter ended March 2 totaled $551.6 million. That was up from $476.8 million in the previous year's 13-week fourth quarter.
     Pier 1 said same-store sales on a 13-week basis rose 7.9%.
     Net income for the most recent quarter was $61.7 million or 58 cents per share. That compares with $115.2 million or $1.04 per share, in the same quarter the previous year. Last year's fourth quarter included a tax benefit of $33.8 million from the reversal of a valuation allowance against deferred tax assets.
     For the 53-week fiscal year ended March 2, sales totaled $1.7 billion, an increase of 11.2% from $1.53 billion in the previous 52-week fiscal year. Comparable-store sales for the year were up 7.5%, for a three-year cumulative increase of 27.9%.
     Full-year earnings totaled $129.4 million or $1.20 per share. That was down from $168.9 million or $1.48 per share the previous year.
     Pier 1 said the extra week in the just-concluded fiscal year added $29 million in sales and about 3 cents per share to earnings.
     "Fiscal 2013 was another outstanding year for Pier 1 Imports," said Alex W. Smith, president and CEO. "We delivered our 14th consecutive quarter of significant sales and profit growth, reintroduced our dividend and repurchased $100 million of Pier 1 Imports stock, returning substantial value to our shareholders. At the same time, we launched our e-commerce enabled website, established a platform to support our multi-channel strategy and commenced a pilot of our new point-of-sale system."
     For the current year, the company is projecting earnings per share of $1.26 to $1.31, with comparable-store sales up in the mid-single-digit range.
     Pier 1 said it will open about 30 stores and close 14 stores, for a net increase of 16 stores this year.

Pier 1 Imports

Earnings per share are fully diluted, and all figures in parentheses are losses or declines.

Quarter ended 3/2 (a)

2013

2012

Change

Sales

$551,625,000

$476,757,000

15.7%

Operating income

109,488,000

84,337,000

29.8%

Net income (b)

61,704,000

115,213,000

(46.4%)

Earnings per share

0.58

1.04

(44.2%)

Year ended 3/2 (c)

2013

2012

Change

Sales

$1,704,885,000

$1,533,611,000

11.2%

Operating income

229,974,000

176,000,000

30.7%

Net income

129,444,000

168,938,000

(23.4%)

Earnings per share

1.20

1.48

(18.9%)

(a) Data is for 14-week quarter ended March 2, 2013, and 13-week quarter ended Feb. 25, 2012. (b) Includes income tax benefit of $33.8 million in 2012. (c) Data is for 53-week fiscal year ended March 2, 2013, and 52-week fiscal year ended Feb. 25, 2012.

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