Pier 1 Imports, Inc. Declares Quarterly Cash Dividend, Payable on May 6, 2015
Apr 9 15
Pier 1 Imports, Inc. announced that its Board of Directors declared a $0.07 per share quarterly cash dividend on the Company’s outstanding shares of common stock. The $0.07 quarterly cash dividend will be paid on May 6, 2015, to shareholders of record on April 22, 2015, and represents a 17% increase from the $0.06 cash dividend paid in the prior period.
Pier 1 Imports, Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Fiscal Year Ended February 28, 2015; Provides Earnings Guidance for the First Quarter and Full Year of Fiscal 2016
Apr 9 15
Pier 1 Imports, Inc. reported unaudited consolidated financial results for the fourth quarter and fiscal year ended February 28, 2015. Net income for the fourth quarter ended February 28, 2015, was $33.1 million, or $0.37 per diluted share, compared to $42.6 million, or $0.41 per diluted share in the fourth quarter ended March 1, 2014. In the fourth quarter of fiscal 2015, non-GAAP adjusted net income (excluding the after-tax effect of retirement related expenses for the Company’s former chief financial officer) was $35.1 million, or $0.39 per diluted share. Total sales for the fourth quarter were $543.6 million compared to $515.8 million in the same period last year. Company comparable sales increased 5.7% (6.4% on a constant currency basis after adjusting for a 70 basis point impact attributable to the year-over-year devaluation of the Canadian Dollar) and reflect increases in brand traffic and average ticket, and online conversion. EBITDA for the fourth quarter of fiscal 2015 was $67.6 million compared to $80.8 million for the same period in the prior year. Fourth quarter operating income was $53.1 million compared to $70.1 million in the fourth quarter of fiscal 2014. Income before income taxes was $52,598,000 against $69,909,000 for the same period of last year.
For the fiscal year ended February 28, 2015, the company reported net income of $75.2 million, or $0.82 per diluted share, compared to $107.5 million, or $1.01 per diluted share for the fiscal year ended March 1, 2014. In fiscal 2015, non-GAAP adjusted net income (excluding the after-tax effect of retirement related expenses) was $77.2 million, or $0.84 per diluted share. Fiscal 2015 total sales increased 5.3% to $1.866 billion, from $1.772 billion last year. Company comparable sales increased 4.7% (5.2% on a constant currency basis after adjusting for a 50 basis point impact attributable to the year-over-year devaluation of the Canadian Dollar) and reflect increases in brand traffic, store and online conversion and average ticket. Full year fiscal 2015 EBITDA was $176.3 million compared to $215.4 million in the prior year. Operating income was $127.3 million compared to $175.5 million in fiscal 2014. Capital expenditures for fiscal 2015 totaled $81.9 million and were used for infrastructure and technology development in support of ‘1 Pier 1,’ supply chain upgrades, existing store improvements and new store openings. Income before income taxes was $120,402,000 against $174,649,000 for the same period of last year. Net cash provided by operating activities was $65,691,000 against $159,232,000 for the same period of last year. Capital expenditures was $81,859,000 against $80,306,000 for the same period of last year.
The company has provided financial guidance for the first quarter of fiscal 2016. Company comparable sales growth, which includes e-Commerce, of approximately 4.0%; and earnings per share in the range of $0.07 to $0.08, utilizing a fully diluted share count of approximately 90 million shares.
The company is providing financial guidance for full-year fiscal 2016. The company expects, comparable sales growth, which includes e-Commerce, in the mid-single digits; Merchandise margin, as a percentage of sales, of 58.0% to 58.2%; EBITDA margins comparable to fiscal 2015; Operating income, as a percentage of sales, comparable to fiscal 2015; Earnings per share in the range of $0.83 to $0.87, utilizing a fully diluted share count of approximately 89 million shares; and capital expenditures of approximately $60 million. The company announced that in fiscal 2016 its financial priorities include implementing strict expense controls, reducing capital expenditures and lowering store costs. To that end, it will begin making strategic reductions to the size of the store base as e-Commerce sales penetration continues to increase. Anticipates these actions will help drive EBITDA dollar growth in fiscal year 2016, and have a more pronounced effect in fiscal year 2017. Also expects to continue to generate strong cash flow and plans to continue to return excess capital to shareholders through share repurchases and cash dividends.
Pier 1 Imports, Inc. Presents at Raymond James & Associates 36th Annual Institutional Investors Conference, Mar-02-2015 08:40 AM
Feb 27 15
Pier 1 Imports, Inc. Presents at Raymond James & Associates 36th Annual Institutional Investors Conference, Mar-02-2015 08:40 AM. Venue: JW Marriott Grande Lakes, 4040 Central Florida Parkway, Orlando, FL 32837, United States. Speakers: Alexander W. Smith, Chief Executive Officer, President and Director, Laura A. Coffey, Interim Chief Financial Officer and Executive Vice President.