From Home Furnishing Business
Pier 1 Announces 4Q, Fiscal 2007 Numbers
By Home Furnishings Business in Furniture Retailing on April 2007
Pier 1 Imports, Inc., Fort Worth, Texas, today announced it lost $58.7 million on fourth-quarter sales of $473.7 million, down 6.4 percent from prior-year performance.
For the 2007 fiscal year, which ended March 3, Pier 1 lost $227.2 million on sales of $1.62 billion, which were off 8.6 percent from last years revenue. Results for both the fourth quarter and the fiscal year included $114.1 million in unusual charges and the effects of adopting a new accounting pronouncement. Excluding these charges, the Companys net loss from continuing operations on a non-GAAP basis for the quarter would have been $12.9 million or $0.14 per share and $113.1 million, or $1.28 per share for the fiscal year.
Same-store sales declined 11 percent in the fourth quarter, and 11.3 percent for the year. Merchandise margins decreased 610 basis points for the quarter, 230 for the entire year.
Going forward, Pier 1 will no longer release sales information on a monthly basis and will shift to a quarterly reporting schedule. The company cited more meaningful information and reduced confusion in comparative reporting caused this year by the shift in the fiscal calendar.
Pier 1s annual meeting for shareholders of record as of April 30, 2007, will be held in Fort Worth, Texas, on June 28.