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Pier 1 Imports, Inc. Comments on Proposed Tariff

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Pier 1 Imports, Inc. (NYSE:PIR) today provided commentary regarding the
proposed 10% tariff on additional classes of products imported to the
U.S. from China announced by the Office of the U.S. Trade Representative
on July 10, 2018. Pier 1 sources its products from multiple countries
around the world, including China.

Consistent with recent years, approximately 59% of the Company's fiscal
2019 net sales are expected to be derived from merchandise produced in
China. Of that amount, approximately half is expected to consist of
product classes subject to the proposed tariff.

The Company is evaluating strategies to mitigate the impact of the
proposed tariff, including collaborative efforts with its vendor
partners, and does not expect financial results in fiscal 2019 to be
materially affected. There can be no assurance as to the final scope of
the proposed tariff or the course or timing of trade negotiations
between the United States and China to resolve the issues which led the
Office of the U.S. Trade Representative to announce the proposed tariff.

Financial Disclosure Advisory

Except for historical information contained herein, the statements in
this press release or otherwise made by our management in connection
with the subject matter of this press release are forward-looking
statements (as such term is defined in the Private Securities Litigation
Reform Act of 1995) and involve risks and uncertainties and are subject
to change based on various important factors. This press release
includes forward-looking statements that are based on management's
current estimates or expectations of future events or future results.
These statements are not historical in nature and can generally be
identified by such words as "believe," "expect," "estimate,"
"anticipate," "plan," "may," "will," "intend" and similar expressions.
Management's expectations and assumptions regarding future results are
subject to risks, uncertainties and other factors that could cause
actual results to differ materially from the anticipated results or
other expectations expressed in the forward-looking statements included
in this press release. These risks and uncertainties include, but are
not limited to: the impact of initiatives implemented in connection with
the Company's Pier 1 2021: A New Day three-year strategic plan; the
effectiveness of the Company's marketing campaigns, merchandising and
promotional strategies and customer databases; consumer spending
patterns; inventory levels and values; the Company's ability to
implement planned cost control measures; risks related to U.S. import
policy; and changes in foreign currency values relative to the U.S.
dollar. These and other factors that could cause results to differ
materially from those described in the forward-looking statements
contained in this press release can be found in the Company's Annual
Report on Form 10-K and in other filings with the SEC. Refer to the
Company's most recent SEC filings for any updates concerning these and
other risks and uncertainties that may affect the Company's operations
and performance. Undue reliance should not be placed on forward-looking
statements, which are only current as of the date they are made. The
Company assumes no obligation to update or revise its forward-looking
statements.

Pier 1 Imports is proud to offer
one-of-a-kind-gotta-have-it-seriously-love-it products that help our
customers tell their stories through home décor. Over the past 50 years
we've grown from a single store to an omni-channel retailer reaching the
whole of North America. Our customers shop us online and in store, and
interact with us on social media. From the launch of our Pier 1 PICKS to
our world renowned Papasan, we bring uniqueness and fun to the world of
home décor. We are the perfect place for all your versions of "This is
me." To get inspired or simply get to know us a little better, visit pier1.com.

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