Pier 1 income down in Q4

FORT WORTH, Texas — Pier 1 Imports reported net income of $61.7 million, or 58 cents per share, for its fourth quarter. For the fourth quarter ended Feb. 25, 2012, the company reported net income of $115.2 million, or $1.04 per share.

Total sales for the 14-week fourth quarter of fiscal 2013 improved 15.7% to $551.6 million compared to $476.8 million in the 13-week fourth quarter of last year. Comparable-store sales on a 13-week basis increased 7.9% versus an increase of 10.3% in the 13-week quarter of last year. Strong comparable store sales results for the quarter were primarily attributable to increases in store traffic and higher average ticket, the company said.

For the fiscal year ended March 2, 2013, net income for the 53-week period was $129.4 million, or $1.20 per share. For the fiscal year ended Feb, 25, 2012, the company reported net income for the 52-week period of $168.9 million, or $1.48 per share. For the fiscal year ended March 2, 2013, total sales for the 53-week period increased 11.2% to $1.705 billion from $1.534 billion last fiscal year. Comparable-store sales for fiscal 2013 on a 52-week basis increased 7.5% versus an increase of 9.5% last fiscal year.

“Fiscal 2013 was another outstanding year for Pier 1 Imports,” said Alex Smith, president and CEO. “We delivered our 14th consecutive quarter of significant sales and profit growth, re-introduced 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 POS system.”

For fiscal 2014, the company expects comparable-store sales growth in  the mid single-digit range and earnings per share in the range of $1.26 to $1.31, representing year-over-year growth of 8% to 12%.

“We are pleased to have delivered another year of exceptional financial performance,” stated Cary Turner, senior EVP and CFO. “We are confident that our proven operating model and disciplined approach to investing will continue to drive meaningful long-term growth in sales and earnings."