Pier 1 Imports, Inc. Reports Fourth Quarter and Full Year Fiscal 2018 Financial Results

Pier 1 Imports, Inc. (NYSE:PIR) today reported financial results for the 14-week fourth quarter and 53-week fiscal year ended March 3, 2018. Except where indicated, fourth quarter and full year comparisons reflect the 14-week and 53-week periods ended March 3, 2018, and the 13-week and 52-week periods ended February 25, 2017.

Fourth Quarter Fiscal 2018 Highlights
• Net sales decreased 3.1% to $512.2 million, which includes approximately $27.5 million from the 14th week in the Company’s fiscal 2018 fourth quarter;
• Company comparable sales on a 13-week basis decreased 7.5%;
• E-Commerce sales penetration reached approximately 25%; and
• Earnings per share of $0.19 (GAAP) and adjusted earnings per share of $0.21 (non-GAAP), including an estimated benefit of approximately $0.04 per share from the 14th week in the Company’s fiscal 2018 fourth quarter.

Full Year Fiscal 2018 Highlights
• Net sales decreased 1.6% to $1.8 billion;
• Company comparable sales on a 52-week basis decreased 2.0%;
• E-Commerce sales exceeded $450 million, with sales penetration reaching approximately 26%;
• Earnings per share of $0.14 (GAAP) and adjusted earnings per share of $0.21 (non-GAAP);
• Generated positive cash flow from operations of $66 million; and
• Established new executive leadership team and developed three-year strategic plan now in initial phase of implementation.

“Our financial performance in fiscal 2018, and specifically the fourth quarter, underscores the urgent need for change, which we are addressing in the three-year strategic plan we will present tomorrow,” said Alasdair James, President and CEO. “In fiscal 2019, we will be investing in the tools and resources needed to execute against the plan. We are confident in the potential of the business to respond and have already begun implementing new initiatives across sourcing, supply chain, stores, merchandising, marketing and promotions. These investments will pressure profitability in the near-term, bringing us to an expected net loss for the full year in fiscal 2019, but are expected to drive sales growth and profitability in fiscal 2020 and 2021 and are necessary to help us return the business to a sustainable growth trajectory. We look forward to sharing our three-year strategic plan and financial outlook tomorrow at our Analyst Day.”

Fourth Quarter Fiscal 2018 Results of Operations
Net sales for the fourth quarter of fiscal 2018 decreased 3.1% to $512.2 million, compared to $528.4 million for the fourth quarter of fiscal 2017. Company comparable sales on a 13-week basis decreased 7.5% versus the year-ago period. E-Commerce represented approximately 25% of net sales in the fourth quarter of fiscal 2018, as compared to approximately 20% of net sales in the fourth quarter of fiscal 2017. Taking into account e-Commerce orders placed in or picked up in-store, approximately 90% of the Company’s fourth quarter fiscal 2018 net sales directly touched a store.

Gross profit for the fourth quarter of fiscal 2018 totaled $189.7 million, or 37.0% of net sales, compared to $206.9 million, or 39.2% of net sales, for the fourth quarter of fiscal 2017. Merchandise margin (the result of adding back delivery and fulfillment net costs and store occupancy costs to gross profit) for the fourth quarter of fiscal 2018 totaled $284.8 million, or 55.6% of net sales, compared to $299.5 million, or 56.7% of net sales, for the fourth quarter of fiscal 2017, reflecting increased promotional activity. Contribution from operations (gross profit less compensation for operations and operational expenses) for the fourth quarter of fiscal 2018 totaled $99.5 million, compared to $118.5 million last year.
more detail at:  https://investors.pier1.com/news-releases/news-release-details/pier-1-imports-inc-reports-fourth-quarter-and-full-year-fiscal-1

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