Pier 1 2016 Annual Report Download - page 41

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CONSOLIDATED STATEMENTS OF OPERATIONS
Pier 1 Imports, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
Year Ended
February 27, 2016 February 28, 2015 March 1, 2014
Net sales $1,892,230 $1,884,557 $1,791,443
Cost of sales 1,187,250 1,116,076 1,026,180
Gross profit 704,980 768,481 765,263
Selling, general and administrative expenses 578,828 594,906 550,890
Depreciation 50,944 46,304 38,873
Operating income 75,208 127,271 175,500
Nonoperating (income) and expenses:
Interest, investment income and other (237) (3,391) (1,721)
Interest expense 12,280 10,260 2,572
12,043 6,869 851
Income before income taxes 63,165 120,402 174,649
Income tax provision 23,531 45,240 67,118
Net income $ 39,634 $ 75,162 $ 107,531
Earnings per share:
Basic $ 0.47 $ 0.83 $ 1.03
Diluted $ 0.46 $ 0.82 $ 1.01
Dividends declared per share: $ 0.28 $ 0.24 $ 0.21
Average shares outstanding during period:
Basic 84,939 91,081 104,121
Diluted 85,370 92,128 106,248
The accompanying notes are an integral part of these financial statements.
PIER 1 IMPORTS, INC. 2016 Form 10-K 35