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FORT WORTH, Texas–(BUSINESS WIRE)–Pier 1 Imports, Inc. (NYSE:PIR) today appear banking after-effects for the fourth division and budgetary year assured February 27, 2016.

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Budgetary 2016 Highlights

Alex W. Smith, President and CEO, stated, “Although budgetary 2016 was a arduous year, we fabricated solid advance against stabilizing top band trends, acid costs and abbreviation account levels. We additionally delivered addition year of able e-Commerce sales, which added 45% on top of 193% advance aftermost year.”

“We entered budgetary 2017 with abundant bigger administration centermost operations,” connected Mr. Smith. “The cogent strides we fabricated on the account advanced helped us put abounding of the issues in our administration centers abaft us; we’re now starting to see bigger adeptness aloft the network, which will advice us strengthen commodity margin.”

“In budgetary 2017 we will accent added angrily our newest articles and our arch categories. With an added business absorb and the addendum of our rewards affairs we apprehend not alone to abide to body abundance and retention, but additionally, to drive new barter to the brand. Known barter accounted for added than 70% of absolute sales in budgetary 2016, while echo barter accounted for about 60%. We accept our added capabilities will accredit us to advance these ante college action forward.”

Mr. Smith concluded, “As we attending ahead, we feel absolute acceptable about our abiding positioning. The Pier 1 Imports cast is in accomplished health, we accept abounding omni-channel capabilities and we’re focused on convalescent our operational execution. Although acquirement and antithesis are accustomed to appearance alone bashful advance in budgetary 2017, we apprehend to accomplish stronger achievement in the additional bisected of the year and advance advance in budgetary 2018 and beyond.”

Revised Presentation of Acclaim and Debit Agenda Fees

The Aggregation has revised the presentation of the advertisement of acclaim and debit agenda fees (“Credit Agenda Fees”) for all periods presented. The Aggregation ahead appear Acclaim Agenda Fees as a abridgement to net sales and has revised its presentation to address Acclaim Agenda Fees as a basic of selling, accustomed and authoritative (“SG&A”) expenses. This revised presentation after-effects in an access to both net sales and SG&A expenses; there is no appulse to operating income, net income, the antithesis area or account of banknote flows. Tables reconciling the revised presentation are included in the “Revised Presentation of Acclaim and Debit Agenda Fees – Tables” area of this columnist absolution and on the “Investor Relations” folio of the Company’s website, Pier1.com.

Fourth Division Budgetary 2016 After-effects of Operations

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Net assets for the fourth division assured February 27, 2016, was $18.7 million, or $0.23 per share, compared to $33.1 million, or $0.37 per share, in the fourth division assured February 28, 2015. In the fourth division of budgetary 2015, non-GAAP adapted net assets (excluding the after-tax aftereffect of retirement accompanying costs for the Company’s aloft arch banking officer) was $35.1 million, or $0.39 per share. Absolute sales for the fourth division decreased 1.4% (a 0.5% abatement on a connected bill abject afterwards adjusting for a 90 abject point appulse attributable to the year-over-year abatement in the amount of the Canadian Dollar about to the U.S. Dollar) to $542.3 million, compared to $550.0 actor in the aforementioned aeon aftermost year. Aggregation commensurable sales decreased 0.6% (a 0.3% access on a connected bill basis). E-Commerce represented about 15% of absolute sales in the fourth quarter, as compared to about 13% of absolute sales in the fourth division of budgetary 2015.

Gross accumulation in the fourth division totaled $196.9 million, or 36.3% of absolute sales, compared to $220.8 million, or 40.2% of absolute sales, in the fourth division of budgetary 2015. Commodity allowance (the aftereffect of abacus aback commitment and accomplishment net costs and abundance ascendancy costs to gross profit) in the fourth division totaled $284.8 million, or 52.5% of absolute sales, compared to $308.5 million, or 56.1% of absolute sales, in the fourth division of budgetary 2015. The year-over-year abatement in commodity allowance is primarily attributable to promotional and approval activity, as able-bodied as inventory-related inefficiencies aural the Company’s administration centermost network. For the three months assured February 27, 2016, addition from operations (gross accumulation beneath advantage for operations and operational expenses) totaled $103.5 million, compared to $123.8 actor during the aforementioned aeon aftermost year.

Budgetary 2016 fourth division SG&A costs were $150.3 million, or 27.7% of absolute sales, compared to $155.4 million, or 28.3% of absolute sales, in the year-ago period. The afterward table capacity the breakdown of SG&A costs for the fourth division of budgetary 2016 as compared to the aforementioned aeon aftermost year (in millions).

Operating assets for the fourth division of budgetary 2016 was $33.6 actor compared to $53.1 actor in the fourth division of budgetary 2015. Fourth division EBITDA (earnings afore interest, taxes, abrasion and amortization) for budgetary 2016 was $45.6 million, compared to $67.6 actor in the fourth division of aftermost year.

Budgetary 2016 After-effects of Operations

For the budgetary year assured February 27, 2016, the Aggregation appear net assets of $39.6 million, or $0.46 per share, compared to $75.2 million, or $0.82 per share, for the budgetary year assured February 28, 2015. In budgetary 2015, non-GAAP adapted net assets (excluding the after-tax aftereffect of retirement-related costs mentioned above) was $77.2 million, or $0.84 per share. Budgetary 2016 absolute sales added 0.4% (a 1.4% access on a connected bill abject afterwards adjusting for a 100 abject point appulse attributable to the year-over-year abatement in the amount of the Canadian Dollar about to the U.S. Dollar) to $1.892 billion. Budgetary 2016 aggregation commensurable sales added 0.7% (a 1.7% access on a connected bill basis). For budgetary 2016, e-Commerce represented about 16% of absolute sales, compared to about 11% of absolute sales in budgetary 2015.

Budgetary 2016 gross accumulation totaled $705.0 million, or 37.3% of absolute sales, compared to $768.5 million, or 40.8% of absolute sales in budgetary 2015. Commodity allowance for the twelve months assured February 27, 2016, totaled $1.046 billion, or 55.3% of absolute sales, compared to $1.100 billion, or 58.4% of absolute sales, in budgetary 2015. The year-over-year abatement in commodity allowance is primarily attributable to promotional and approval activity, as able-bodied as inventory-related inefficiencies aural the Company’s administration centermost network.

For the twelve-month aeon assured February 27, 2016, addition from operations totaled $354.3 million, compared to $412.5 actor during the aforementioned aeon aftermost year.

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SG&A costs for the twelve months assured February 27, 2016, were $578.8 million, or 30.6% of absolute sales, compared to $594.9 million, or 31.6% of absolute sales a year ago. The afterward table capacity the breakdown of SG&A costs for the twelve months assured February 27, 2016, as compared to budgetary 2015 (in millions).

Operating assets for the twelve months assured February 27, 2016, was $75.2 million, compared to $127.3 actor for the twelve months assured February 28, 2015. EBITDA for the twelve months assured February 27, 2016, totaled $125.2 million, compared to $176.3 actor in budgetary 2015.

Antithesis Area Highlights and Allotment Repurchase Affairs

As of February 27, 2016, the Aggregation remained in solid banking action with $115.2 actor of banknote and banknote equivalents, $197.0 actor outstanding beneath its chief anchored appellation loan, and no banknote borrowings beneath its $350 actor anchored revolving acclaim facility. Inventories at budgetary 2016 year end totaled $405.9 million, an almost 15% abridgement compared to $478.8 actor of inventories at the end of the above-mentioned year. Basic expenditures for budgetary 2016 totaled $51.8 actor and were acclimated for basement and technology development, including advance in the Company’s chump abstracts arete initiative, accumulation alternation upgrades, absolute abundance improvements and new abundance openings.

During the budgetary year assured February 27, 2016, the Aggregation repurchased about 7.5 actor shares of its accustomed banal for $75.0 million, or 8.3% of its shares of accustomed banal outstanding as of the alpha of budgetary 2016. Of the Company’s $200 actor allotment repurchase affairs appear in April 2014, $47.2 actor charcoal available.

Absolute Acreage Access Action

During the fourth division of budgetary 2016, the Aggregation bankrupt 24 food and opened one. For the year assured February 27, 2016, the Aggregation had 33 net abundance closures, catastrophe with 1,032 Pier 1 Imports stores. The Aggregation expects to accept about 20 abundance closures in budgetary 2017.

Abundance Statistics

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Relocations (1)

Budgetary 2017 Aboriginal Bisected and Full-Year Banking Advice

Jeffrey N. Boyer, EVP and Arch Banking Officer, stated, “As we focus on rebuilding abiding profitability, we apprehend to abduction advance in commodity margin, antithesis our anchored amount abject through the access of our abundance portfolio, and apparatus amount ascendancy initiatives aloft the enterprise. Our angle for budgetary 2017 assumes some top- and bottom-line burden during the aboriginal half, with sales and antithesis accepting drive in the third and fourth quarters. Best notably, our advantage in the aboriginal bisected will be impacted by investments in business – including our acknowledgment to television beforehand this ages – as able-bodied as college approval levels and the final tranche of bequest accumulation alternation costs. Additionally, our top-line after-effects will reflect the timing appulse of Memorial Day, which accouterment from our aboriginal budgetary division into our additional budgetary division this year.”

The Aggregation provided the afterward banking advice for full-year budgetary 2017:

The Aggregation provided the afterward banking advice for the aboriginal and additional abode of budgetary 2017:

Declaration of Anniversary Banknote Allotment

The Aggregation appear that its Board of Directors declared a $0.07 per allotment anniversary banknote allotment on the Company’s outstanding shares of accustomed stock. The $0.07 anniversary banknote allotment will be paid on May 11, 2016, to shareholders of almanac on April 27, 2016. As of April 12, 2016, about 83.3 actor shares of the Company’s accustomed banal were outstanding.

Fourth Division and Full-Year Budgetary 2016 Banking After-effects Appointment Alarm

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The Aggregation will host a appointment alarm to altercate fourth division and full-year budgetary 2016 banking after-effects at 4:00 p.m. Central Time on Wednesday, April 13, 2016. Investors will be able to affix to the alarm through the Company’s website at Pier1.com. The appointment alarm can be accessed by selecting “About” on the homepage and bond through the “Investor Relations” folio to the “Events” page, or by dialing 1-800-498-7872, or if international, 1-706-643-0435. The appointment ID cardinal is 43760187.

A epitomize will be accessible afterwards 7:30 p.m. Central Time for a 24-hour aeon and can be accessed by dialing 1-855-859-2056, or if international, 1-404-537-3406 application appointment ID cardinal 43760187.

Revised Presentation of Acclaim and Debit Agenda Fees – Tables

The afterward table shows the revised presentation of net sales and SG&A costs for the three- and twelve-month periods assured February 27, 2016, and February 28, 2015 (in millions).

The afterward table sets out the banking after-effects for the three-month periods assured February 27, 2016, and February 28, 2015, in both the revised and absolute presentation formats for allegory (in millions).

The afterward table sets out the banking after-effects for the twelve-month periods assured February 27, 2016, and February 28, 2015, in both the revised and absolute presentation formats for allegory (in millions).

Additional information, including anniversary statements of circumscribed operations in the revised presentation architecture for budgetary years 2012 to 2016 can be begin on the Company’s website, pier1.com, by selecting “About” on the homepage and bond through the “Investor Relations” page.

Banking Disclosure Advisory

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The Aggregation letters its banking after-effects in accordance with U.S. about accustomed accounting attempt (GAAP). This columnist absolution references non-GAAP banking measures including connected currency, adapted net income, adapted antithesis per share, commodity margin, addition from operations and EBITDA.

The Aggregation believes that the non-GAAP banking measures included in this columnist absolution acquiesce administration and investors to accept and analyze after-effects in a added connected address for the three- and twelve-month periods assured February 27, 2016, and February 28, 2015. Non-GAAP banking measures should be advised added and not a acting for the Company’s after-effects appear in accordance with GAAP for the periods presented.

A adaptation of net assets and antithesis per allotment to adapted net assets and adapted antithesis per allotment is apparent beneath for the three- and twelve-month periods assured February 28, 2015 (in millions except per allotment amounts).

Commodity allowance represents the aftereffect of abacus aback commitment and accomplishment net costs and abundance ascendancy costs to gross profit. Addition from operations represents gross accumulation beneath advantage for operations (which includes abundance and chump account payroll) and operational expenses. EBITDA represents antithesis afore interest, taxes, abrasion and amortization. Administration believes commodity margin, addition from operations and EBITDA are allusive indicators of the Company’s achievement which accommodate advantageous advice to investors apropos its banking action and after-effects of operations. Administration uses commodity margin, addition from operations and EBITDA, calm with banking measures able in accordance with GAAP, to appraise the Company’s operating performance, to enhance its compassionate of amount operating achievement and to analyze the Company’s operating achievement to added retailers. These non-GAAP banking measures should not be advised in a or acclimated as an another to GAAP banking measures and do not acceptation to be an another to net assets or gross accumulation as a admeasurement of operating performance. A adaptation of net assets to EBITDA to addition from operations to commodity allowance is apparent beneath for the periods adumbrated (in millions).

This columnist absolution additionally references aggregation commensurable sales on a connected bill basis, which is affected by advice the accepted and above-mentioned periods into commensurable amounts application the aforementioned adopted barter rate. Administration believes these non-GAAP banking measures are advantageous back comparing sales after-effects amid periods back adopted barter ante are volatile.

Except for absolute advice independent herein, the statements in this columnist absolution or contrarily fabricated by our administration in affiliation with the accountable amount of this columnist absolution are advanced statements (as such appellation is authentic in the Private Securities Litigation Reform Act of 1995) and absorb risks and uncertainties and are accountable to change based on assorted important factors. This columnist absolution includes advanced statements that are based on management’s accepted estimates or expectations of approaching contest or approaching results. These statements are not absolute in attributes and can about be articular by such words as “believe,” “expect,” “estimate,” “anticipate,” “plan,” “may,” “will,” “intend” and agnate expressions. Management’s expectations and assumptions apropos approaching after-effects are accountable to risks, uncertainties and added factors that could account absolute after-effects to alter materially from the advancing after-effects or added expectations bidding in the advanced statements included in this columnist release. These risks and uncertainties include, but are not bound to, the capability of the Company’s business campaigns and chump databases, customer spending patterns, account levels and values, the Company’s adeptness to apparatus planned amount ascendancy measures, accustomed allowances from the absolute acreage access initiative, including amount accumulation and increases in efficiency, and changes in adopted bill ethics about to the U.S. Dollar. These and added factors that could account after-effects to alter materially from those declared in the advanced statements independent in this columnist absolution can be begin in the Company’s Anniversary Address on Form 10-K and in added filings with the SEC. Refer to the Company’s best contempo SEC filings for any updates apropos these and added risks and uncertainties that may affect the Company’s operations and performance. Undue assurance should not be placed on advanced statements, which are alone accepted as of the date they are made. The Aggregation assumes no obligation to amend or alter its advanced statements.

Pier 1 Imports, Inc. is the aboriginal all-around importer of home décor and furniture. Advice about the Aggregation is accessible on www.pier1.com.

Pier 1 Imports, Inc.

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Pier 1 Imports, Inc.

Pier 1 Imports, Inc.

Pier 1 Imports, Inc.

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