PIR
$7.52
Pier 1 Imports
$.01
.13%
Earnings Details
3rd Quarter November 2016
Wednesday, December 14, 2016 4:21:13 PM
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Summary

Pier 1 Imports Beats

Pier 1 Imports (PIR) reported 3rd Quarter November 2016 earnings of $0.22 per share on revenue of $475.9 million. The consensus earnings estimate was $0.12 per share on revenue of $467.6 million. The Earnings Whisper number was $0.15 per share. Revenue grew 0.7% on a year-over-year basis.

The company said it expects fourth quarter earnings of $0.28 to $0.32 per share. The current consensus earnings estimate is $0.27 per share for the quarter ending February 28, 2017.

Pier 1 Imports Inc is a specialty retailer of imported decorative home furnishings and gifts in the North America. It conducts business as one operating segment and operates stores in the United States and Canada under the name Pier 1 Imports.

Results
Reported Earnings
$0.22
Earnings Whisper
$0.15
Consensus Estimate
$0.12
Reported Revenue
$475.9 Mil
Revenue Estimate
$467.6 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Pier 1 Imports, Inc. Reports Third Quarter Fiscal 2017 Financial Results

Declares Quarterly Cash Dividend

Pier 1 Imports, Inc. (PIR) today reported financial results for the third quarter ended November 26, 2016.

Third Quarter Financial Highlights

-- Company comparable sales increased 1.8%; Net sales decreased 0.4%;

E-Commerce sales grew approximately 28% to $97.4 million, representing approximately 20% of net sales;

Gross profit as a percentage of net sales increased 280 basis points to 41.3%; and

Earnings per share of $0.17 and adjusted earnings per share of $0.22 compared to earnings per share of $0.13 in the third quarter of fiscal 2016.

Alex W. Smith, President and CEO, stated, "Sales trends rebounded in the second half of November, following the election, which enabled us to deliver third quarter results well ahead of our forecast. Specifically, we had positive company comparable sales and higher than planned profits in the third quarter. We are making progress on our strategies to deliver shareholder value through our merchandising, marketing, supply chain and real estate initiatives. Our seasonal assortments are resonating with customers and we’re seeing strength across nearly all our product categories. As always, we’re pleased with how our teams and associates are executing against our holiday plans."

"We have a great deal of confidence in our brand positioning and long-term financial outlook," added Mr. Smith. "Pier 1 Imports has always been known for inspirational merchandise, great value and outstanding customer service. Layering our omni-channel capabilities on top of that foundation makes Pier 1 Imports a formidable force in the home furnishings space. Our teams are focused on continually enhancing our business model to ensure that we thrive in today’s era of retailing and well into the future."

Third Quarter Fiscal 2017 Results of Operations

Net sales for the third quarter of fiscal 2017 decreased 0.4% to $475.9 million, compared to $478.0 million in the same period last year. At the end of the third quarter of fiscal 2017 the Company operated 33 fewer stores than at the end of the third quarter of fiscal 2016. Company comparable sales for the quarter increased 1.8% from the prior year. E-Commerce sales totaled $97.4 million, representing year-over-year growth of approximately 28%. E-Commerce represented approximately 20% of net sales in the third quarter, as compared to approximately 16% of net sales in the third quarter of fiscal 2016.

Gross profit for the third quarter of fiscal 2017 totaled $196.4 million, or 41.3% of net sales, compared to $184.0 million, or 38.5% of net sales, in the third quarter of fiscal 2016. Third quarter merchandise margin (the result of adding back delivery and fulfillment net costs and store occupancy costs to gross profit) totaled $286.4 million, or 60.2% of net sales, compared to $268.6 million, or 56.2% of net sales, in the third quarter of fiscal 2016. The year-over-year improvement in merchandise margin as a percentage of net sales is primarily attributable to a more cost efficient promotional strategy and improved operations within the Company’s distribution centers. For the three months ended November 26, 2016, contribution from operations (gross profit less compensation for operations and operational expenses) totaled $111.4 million, compared to $97.6 million during the same period last year. As a percentage of net sales, contribution from operations increased 300 basis points to 23.4% in the third quarter of fiscal 2017.

Third quarter fiscal 2017 selling, general and administrative ("SG&A") expenses were $160.8 million, or 33.8% of net sales, compared to $151.6 million, or 31.7% of net sales, in the year-ago period. Cost reductions across the organization were offset by planned investments in marketing, including television advertising, approximately $8.0 million of costs associated with the departure of the Company’s CEO, and approximately $3.7 million for incremental legal and advisory fees, CEO transition costs including search fees and retention program awards to executives, and certain costs for sub-leasing portions of the corporate headquarters. The following table details the breakdown of SG&A expenses for the third quarter of fiscal 2017 as compared to the same period last year (in millions).

Three Months Ended
November 26, 2016
November 28, 2015
Expense
% of Sales
Expense
% of Sales
Compensation for operations
$
63.5
13.3 %
$
65.3
13.7 %
Operational expenses
21.5
4.5 %
21.2
4.4 %
Marketing
32.5
6.8 %
30.5
6.4 %
Other selling, general and administrative (1)
43.4
9.1 %
34.6
7.2 %
Total selling, general and administrative
$ 160.8
33.8 %
$ 151.6
31.7 %
(1)
Other selling, general and administrative expense for the three
months ended November 26, 2016, includes approximately $8 million
related to CEO departure expenses and approximately $3.7 million
related to incremental legal and advisory fees and other expenses
noted above.

Third quarter fiscal 2017 operating income was $22.3 million compared to $19.7 million in the same period last year. Net income for the third quarter ended November 26, 2016, was $13.6 million, or $0.17 per share, compared to $10.9 million, or $0.13 per share, in the year-ago period. Adjusted net income in the third quarter of fiscal 2017, which excludes the costs related to the departure of the Company’s CEO and the tax benefit therefrom (as described below under Financial Disclosure Advisory), totaled $17.6 million, or $0.22 per share on an adjusted basis. Third quarter EBITDA (earnings before interest, taxes, depreciation and amortization) was $35.9 million, compared to $32.6 million in the third quarter of fiscal 2016.

Year-to-Date Results of Operations

Net sales for the nine months ended November 26, 2016, were $1.3 billion, a decrease of 3.7% from the same period last year. Company comparable sales for the nine months ended November 26, 2016, decreased 1.5% from the year-ago period. For the same period, e-Commerce represented approximately 20% of net sales, compared to approximately 17% for the nine months ended November 28, 2015.

Gross profit for the nine months ended November 26, 2016, totaled $490.4 million, or 37.7% of net sales, compared to $508.1 million, or 37.6% of net sales for the nine months ended November 28, 2015. Merchandise margin for the nine months ended November 26, 2016, totaled $748.7 million, or 57.6% of net sales, compared to $761.3 million, or 56.4% of net sales for the same period last year. For the nine-month period ended November 26, 2016, contribution from operations totaled $241.6 million, compared to $250.9 million during the same period last year. As a percentage of net sales, contribution from operations was flat year-over-year, at 18.6%.

SG&A expenses for the nine months ended November 26, 2016, were $439.3 million, or 33.8% of net sales, compared to $428.6 million, or 31.7% of net sales during the same period a year ago. The following table details the breakdown of SG&A expenses for the nine months ended November 26, 2016, as compared to the same period last year (in millions).

Nine Months Ended
November 26, 2016
November 28, 2015
Expense
% of Sales
Expense
% of Sales
Compensation for operations
$ 185.2
14.2 %
$ 192.9
14.3 %
Operational expenses
63.6
4.9 %
64.3
4.8 %
Marketing
80.2
6.2 %
69.6
5.2 %
Other selling, general and administrative (1)
110.4
8.5 %
101.8
7.5 %
Total selling, general and administrative
$ 439.3
33.8 %
$ 428.6
31.7 %
(1)
Other selling, general and administrative expense for the nine
months ended November 26, 2016, includes approximately $8 million
related to CEO departure expenses and approximately $5.3 million
related to incremental legal and advisory fees and other expenses
described previously.

Operating income for the nine months ended November 26, 2016 was $10.1 million, compared to $41.6 million for the nine months ended November 28, 2015. For the nine-month period ended November 26, 2016, net income totaled $3.5 million, or $0.04 per share, compared to $21.0 million, or $0.24 per share in the year-ago period. Adjusted net income for the nine months ended November 26, 2016, which excludes the costs related to the departure of the Company’s CEO and the tax benefit therefrom (as described below under Financial Disclosure Advisory), totaled $7.5 million, or $0.09 per share on an adjusted basis. EBITDA for the nine months ended November 26, 2016, totaled $52.1 million, compared to $79.7 million in the year-ago period.

Balance Sheet Highlights and Share Repurchase Program

As of November 26, 2016, the Company had $86.2 million of cash and cash equivalents and $195.5 million outstanding under its senior secured term loan. The Company also had $25.0 million of working capital borrowings outstanding under its $350 million secured revolving credit facility, which was repaid subsequent to the close of the quarter. Inventories at the end of the third quarter of fiscal 2017 decreased approximately 5% to $479.8 million, compared to $503.0 million a year ago.

The Company did not repurchase any of its common stock during the third quarter ended November 26, 2016. Of the Company’s $200 million share repurchase program announced in April 2014, $36.6 million remains available for repurchases.

Real Estate Optimization Initiative

During the third quarter of fiscal 2017, the Company closed three stores and opened two. The Company expects to close approximately 15 net stores in fiscal 2017.

Store Statistics

Store Count
Three Months Ended
Start
Openings
Closures
End
Relocations (1)
May 28, 2016
1,032
3
(8 )
1,027
3
August 27, 2016
1,027
2
(6 )
1,023
2
November 26, 2016
1,023
2
(3 )
1,022
1
Fiscal 2017 Year-to-Date :
1,032
7
(17 )
1,022
6
May 30, 2015
1,065
8
(10 )
1,063
6
August 29, 2015
1,063
6
(16 )
1,053
4
November 28, 2015
1,053
2
0
1,055
0
Fiscal 2016 Year-to-Date :
1,065
16
(26 )
1,055
10
(1) Relocations are noted only in the period in which the new store
opens.

Fourth Quarter and Full-Year Fiscal 2017 Financial Guidance

Jeffrey N. Boyer, EVP and Chief Financial Officer, stated, "Our initiatives around merchandising, marketing and promotion - along with strong execution of our holiday plans - resulted in better than expected sales, margin and earnings this quarter. We are increasing our full-year guidance to reflect this performance and feel confident that we are on course to achieve our fourth quarter objectives."

The Company provided the following updated financial guidance for the fiscal 2017 fourth quarter and full year. The Company’s adjusted earnings per share guidance excludes estimated costs of approximately $2 million in the fourth quarter and $10 million for full-year fiscal 2017 related to the departure of the Company’s CEO:

Guidance Metric
4th Quarter
Full Year
--
Comparable sales growth (contraction) (%):
(1%) to 1%
(2%) to Flat
--
Net sales growth (contraction) (%):
(3%) to (1%)
(4%) to (2%)
--
Merchandise margin (% of net sales):
Approximately 56% to 57%
Approximately 56.5% to 57.5%
--
SG&A expenses:
Approximately $145 million to $150 million
Approximately $585 million to $590 million
--
Marketing spend:
Approximately $25 million
Approximately $105 million
--
Depreciation:
Approximately $56 million
--
Corporate tax rate:
Approximately 34%
--
Earnings per share (GAAP):
$0.26 to $0.30
$0.30 to $0.34
--
Adjusted earnings per share (non-GAAP):
$0.28 to $0.32
$0.37 to $0.41
--
Fully diluted share count:
Approximately 81 million shares
--
Capital expenditures:
Approximately $48 million

Chief Executive Officer Transition

The Company announced in a separate press release today that Terry E. London, the Company’s Chairman of the Board of Directors, will serve as Interim President and Chief Executive Officer effective January 1, 2017. Mr. London’s appointment coincides with the planned departure of Alex W. Smith, Pier 1 Imports’ current President and CEO.

Declaration of Quarterly Cash Dividend

The Company 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 February 1, 2017, to shareholders of record on January 18, 2017. As of December 13, 2016, approximately 83.0 million shares of the Company’s common stock were outstanding.

Third Quarter Fiscal 2017 Financial Results Conference Call

The Company will host a conference call to discuss third quarter fiscal 2017 financial results at 4:00 p.m. Central Time on Wednesday, December 14, 2016. Investors will be able to connect to the call through the Company’s website at Pier1.com. The conference call can be accessed by selecting "About" on the homepage and linking through the "Investor Relations" page to the "Events" page, or by dialing 1-800-498-7872, or if international, 1-706-643-0435. The conference ID number is 30368795.

A replay will be available after 7:30 p.m. Central Time for a 24-hour period and can be accessed by dialing 1-855-859-2056, or if international, 1-404-537-3406 using conference ID number 30368795.

Financial Disclosure Advisory

The Company reports its financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). This press release references non-GAAP financial measures including merchandise margin, contribution from operations, EBITDA, adjusted net income, adjusted earnings per share and forward-looking adjusted earnings per share.

The Company believes that the non-GAAP financial measures included in this press release allow management and investors to understand and compare results in a more consistent manner for the three- and nine-month periods ended November 26, 2016, and November 28, 2015. Non-GAAP financial measures should be considered supplemental and not a substitute for the Company’s results reported in accordance with GAAP for the periods presented.

Merchandise margin represents the result of adding back delivery and fulfillment net costs and store occupancy costs to gross profit. Contribution from operations represents gross profit less compensation for operations (which includes store and customer service payroll) and operational expenses. EBITDA represents earnings before interest, taxes, depreciation and amortization. Management believes merchandise margin, contribution from operations and EBITDA are meaningful indicators of the Company’s performance which provide useful information to investors regarding its financial condition and results of operations. Management uses merchandise margin, contribution from operations and EBITDA, together with financial measures prepared in accordance with GAAP, to assess the Company’s operating performance, to enhance its understanding of core operating performance and to compare the Company’s operating performance to other retailers. These non-GAAP financial measures should not be considered in isolation or used as an alternative to GAAP financial measures and do not purport to be an alternative to net income or gross profit as a measure of operating performance. A reconciliation of net income to EBITDA to contribution from operations to merchandise margin is shown below for the periods indicated (in millions).

Three Months Ended
Nine Months Ended
November 26, 2016
November 28, 2015
November 26, 2016
November 28, 2015
$ Amount
% of Sales
$ Amount
% of Sales
$ Amount
% of Sales
$ Amount
% of Sales
Merchandise margin (non-GAAP)
$ 286.4
60.2 %
$ 268.6
56.2 %
$ 748.7
57.6 %
$ 761.3
56.4 %
Less:
Delivery and fulfillment net costs
17.3
3.6 %
10.3
2.2 %
38.8
3.0 %
28.7
2.1 %
Store occupancy costs
72.7
15.3 %
74.3
15.5 %
219.6
16.9 %
224.5
16.6 %
Gross profit (GAAP)
196.4
41.3 %
184.0
38.5 %
490.4
37.7 %
508.1
37.6 %
Less:
Compensation for operations
63.5
13.3 %
65.3
13.7 %
185.2
14.2 %
192.9
14.3 %
Operational expenses
21.5
4.5 %
21.2
4.4 %
63.6
4.9 %
64.3
4.8 %
Contribution from operations (non-GAAP)
111.4
23.4 %
97.6
20.4 %
241.6
18.6 %
250.9
18.6 %
Less:
Other nonoperating (income) expense
(0.3 )
(0.1 %)
(0.2 )
0.0 %
(1.1 )
(0.1 %)
(0.2 )
0.0 %
Marketing and other SG&A
75.9
15.9 %
65.1
13.6 %
190.6
14.7 %
171.4
12.7 %
EBITDA (non-GAAP)
35.9
7.5 %
32.6
6.8 %
52.1
4.0 %
79.7
5.9 %
Less:
Income tax provision (benefit)
6.0
1.2 %
5.9
1.2 %
(0.9 )
(0.1 %)
11.9
0.8 %
Interest expense, net
3.0
0.6 %
3.0
0.6 %
8.6
0.7 %
8.9
0.7 %
Depreciation
13.3
2.8 %
12.8
2.7 %
41.0
3.1 %
37.9
2.8 %
Net income (GAAP)
$
13.6
2.9 %
$
10.9
2.3 %
$
3.5
0.3 %
$
21.0
1.6 %

This press release also references adjusted net income, adjusted earnings per share, and forward-looking adjusted earnings per share, which exclude the impact of severance and other charges related to the departure of the Company’s CEO in fiscal 2017. Management believes these non-GAAP financial measures are useful in comparing the Company’s year-over-year operating performance. Adjusted net income and adjusted earnings per share should be considered supplemental and not a substitute for the Company’s net income and earnings per share results reported in accordance with GAAP for the periods presented. A reconciliation of net income and earnings per share to adjusted net income and adjusted earnings per share is shown below for the three- and nine-month periods ended November 26, 2016 (in millions except per share amounts). There were no similar items warranting reconciliation during the three- and nine-month periods ended November 28, 2015.

Three Months Ended
Nine Months Ended
November 26, 2016
November 26, 2016
Net income (GAAP)
$
13.6
$
3.5
Add back: CEO departure-related costs of $8.0 million, net of $4.0
4.0
4.0
million of tax
Adjusted net income (non-GAAP)
$
17.6
$
7.5
Earnings per share (GAAP)
$
0.17
$
0.04
Add back: CEO departure-related costs, net of tax
0.05
0.05
Adjusted earnings per share (non-GAAP)
$
0.22
$
0.09

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 effectiveness of the Company’s marketing campaigns, promotional strategies and customer databases, consumer spending patterns, inventory levels and values, the Company’s ability to implement planned cost control measures, expected benefits from the real estate optimization initiative, including cost savings and increases in efficiency, changes in foreign currency values relative to the U.S. Dollar and the Company’s ability to retain a new CEO. 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, Inc. is the original global importer of home decor and furniture. Information about the Company is available on www.pier1.com.

Pier 1 Imports, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
(unaudited)
Three Months Ended
November 26,
% of
November 28,
% of
2016
Sales
2015
Sales
Net sales
$ 475,901
100.0 %
$ 478,047
100.0 %
Cost of sales
279,508
58.7 %
294,054
61.5 %
Gross profit
196,393
41.3 %
183,993
38.5 %
Selling, general and administrative expenses
160,833
33.8 %
151,554
31.7 %
Depreciation
13,307
2.8 %
12,782
2.7 %
Operating income
22,253
4.7 %
19,657
4.1 %
Nonoperating (income) and expenses:
Interest, investment income and other
(438 )
(288 )
Interest expense
3,113
3,105
2,675
0.6 %
2,817
0.6 %
Income before income taxes
19,578
4.1 %
16,840
3.5 %
Income tax provision
6,001
1.2 %
5,921
1.2 %
Net income
$
13,577
2.9 %
$
10,919
2.3 %
Earnings per share:
Basic
$
0.17
$
0.13
Diluted
$
0.17
$
0.13
Dividends declared per share:
$
0.07
$
0.07
Average shares outstanding during period:
Basic
80,680
83,877
Diluted
80,683
84,170
Pier 1 Imports, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
(unaudited)
Nine Months Ended
November 26,
% of
November 28,
% of
2016
Sales
2015
Sales
Net sales
$ 1,300,094
100.0 %
$ 1,349,905
100.0 %
Cost of sales
809,698
62.3 %
841,819
62.4 %
Gross profit
490,396
37.7 %
508,086
37.6 %
Selling, general and administrative expenses
439,334
33.8 %
428,556
31.7 %
Depreciation
40,956
3.1 %
37,930
2.8 %
Operating income
10,106
0.8 %
41,600
3.1 %
Nonoperating (income) and expenses:
Interest, investment income and other
(1,677 )
(461 )
Interest expense
9,177
9,204
7,500
0.6 %
8,743
0.7 %
Income before income taxes
2,606
0.2 %
32,857
2.4 %
Income tax provision (benefit)
(882 )
(0.1 %)
11,898
0.8 %
Net income
$
3,488
0.3 %
$
20,959
1.6 %
Earnings per share:
Basic
$
0.04
$
0.24
Diluted
$
0.04
$
0.24
Dividends declared per share:
$
0.21
$
0.21
Average shares outstanding during period:
Basic
80,926
86,070
Diluted
80,927
86,636
Pier 1 Imports, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands except share amounts)
(unaudited)
November 26,
February 27,
November 28,
2016
2016
2015
ASSETS
Current assets:
Cash and cash equivalents, including temporary investments
of $78,302, $110,413 and $42,338, respectively
$
86,207
$
115,221
$
48,565
Accounts receivable, net
39,089
22,639
40,812
Inventories
479,832
405,859
503,003
Prepaid expenses and other current assets
36,378
31,175
34,667
Total current assets
641,506
574,894
627,047
Properties and equipment, net of accumulated depreciation
of $498,174, $481,758 and $472,099, respectively
189,787
207,633
211,599
Other noncurrent assets
36,113
36,664
38,655
$
867,406
$
819,191
$
877,301
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
96,511
$
72,570
$
100,814
Gift cards and other deferred revenue
61,078
64,081
62,679
Borrowings under revolving line of credit
25,000
-
35,000
Accrued income taxes payable
3,964
6,324
4,016
Current portion of long-term debt
2,000
2,000
2,000
Other accrued liabilities
145,198
101,712
113,563
Total current liabilities
333,751
246,687
318,072
Long-term debt
199,373
200,255
200,549
Other noncurrent liabilities
66,050
87,492
87,241
Shareholders’ equity:
Common stock, $0.001 par, 500,000,000 shares authorized,
125,232,000 issued
125
125
125
Paid-in capital
192,917
211,019
208,447
Retained earnings
716,154
729,537
716,542
Cumulative other comprehensive loss
(8,871 )
(10,637 )
(11,221 )
Less -- 42,218,000, 41,760,000 and 41,466,000
common shares in treasury, at cost, respectively
(632,093 )
(645,287 )
(642,454 )
Total shareholders’ equity
268,232
284,757
271,439
$
867,406
$
819,191
$
877,301
Pier 1 Imports, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended
November 26,
November 28,
2016
2015
Cash flows from operating activities:
Net income
$
3,488
$
20,959
Adjustments to reconcile to net cash provided by
operating activities:
Depreciation
45,250
41,416
Stock-based compensation expense
7,436
4,561
Deferred compensation, net
5,738
4,406
Deferred income taxes
(5,694 )
2,033
Excess tax benefit from stock-based awards
-
(585 )
Amortization of deferred gains
(804 )
(1,638 )
Other
4,240
998
Changes in cash from:
Inventories
(73,973 )
(24,160 )
Prepaid expenses and other assets
(20,194 )
(289 )
Accounts payable and other liabilities
41,946
3,580
Accrued income taxes payable, net of payments
(2,360 )
(9,417 )
Net cash provided by operating activities
5,073
41,864
Cash flows from investing activities:
Capital expenditures
(32,019 )
(39,559 )
Proceeds from disposition of properties
66
16
Proceeds from sale of restricted investments
2,058
8,601
Purchase of restricted investments
(1,043 )
(8,515 )
Net cash used in investing activities
(30,938 )
(39,457 )
Cash flows from financing activities:
Cash dividends
(16,871 )
(17,992 )
Purchases of treasury stock
(10,566 )
(72,384 )
Proceeds from stock options exercised,
stock purchase plan and other, net
788
2,385
Excess tax benefit from stock-based awards
-
585
Repayments of long-term debt
(1,500 )
(1,500 )
Borrowings under revolving line of credit
38,000
63,000
Repayments of borrowings under revolving line of credit
(13,000 )
(28,000 )
Net cash used in financing activities
(3,149 )
(53,906 )
Change in cash and cash equivalents
(29,014 )
(51,499 )
Cash and cash equivalents at beginning of period
115,221
100,064
Cash and cash equivalents at end of period
$
86,207
$
48,565

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20161214006194r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20161214006194/en/

SOURCE: Pier 1 Imports, Inc.

Pier 1 Imports, Inc.
Investor Relations
Bryan Hanley, 817-252-6083