Pier 1 Imports Announces First Quarter Sales +7.2%, Expects EPS $0.16 vs $0.16 Est

Pier 1 Imports, Inc.

today reported sales results for the first quarter ended May 26, 2012. First Quarter Highlights Comparable store sales increased 7.2% on top of last year's 10.2% gain; three-year cumulative comparable store sales increased 31.7% Gross profit expected to be approximately 41.6% of sales versus 40.1% of sales last year Earnings per share expected to be approximately $0.16 versus $0.12 per share last year Comparable store sales for the first quarter ended May 26, 2012 increased 7.2% compared to an increase of 10.2% for the first quarter ended May 28, 2011. Total sales for the quarter improved 7.9% to $361 million compared to $335 million in the year-ago quarter. Merchandise margins for the first quarter are expected to be approximately 60.2% of sales, up from last year's first quarter merchandise margins of 59.8% of sales. Gross profit is expected to be approximately 41.6% of sales for the first quarter versus 40.1% of sales for the first quarter of last year. First quarter earnings per share are expected to be approximately $0.16 versus last year's first quarter earnings of $0.12 per share. Alex W. Smith, President and Chief Executive Officer, commented, “We are pleased to report another quarter of profitable sales growth. Great in-store execution and strong Easter, spring, Mother's Day and Memorial Day assortments have resonated with our customers allowing us to keep an optimal balance between full and promotional pricing. The new website and ‘Pier 1 To-You' project is entering its final stages. We are on track and will be ready for our launch in late July. We look forward to discussing our first quarter results and providing a general business update during our upcoming conference call.”