Pier 1 Imports Reports Fiscal 2011 Fourth Quarter and Year-End Financial Results

Pier 1 Imports PIR today reports financial results for the fourth quarter and fiscal year ended February 26, 2011. Fourth Quarter Highlights Comparable store sales increase of 8.9% versus last year's increase of 6.5% Merchandise margins of 58.4% of sales compared to 55.8% last year Gross profit of 42.8% of sales compared to 38.9% last year Operating income improved 62.3% to $58.4 million compared to $36.0 million last year Earnings per share of $0.48 versus $0.30 per share last year Strong balance sheet, with $301.5 million of cash and inventories flat with last year