Pier 1 2008 Annual Report Download - page 21

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FISCAL YEARS ENDED MARCH 1, 2008 AND MARCH 3, 2007
Net Sales
Net sales consisted almost entirely of sales to retail customers, net of discounts and returns, but also
included delivery revenues and wholesale sales and royalties. Sales by retail concept during fiscal years 2008,
2007 and 2006 were as follows (in thousands):
2008 2007 2006
Stores ....................................... $1,486,147 $1,590,854 $1,753,927
Direct to consumer .............................. 8,366 18,943 15,345
Other
(1)
...................................... 17,319 13,419 7,429
Net sales ................................... $1,511,832 $1,623,216 $1,776,701
(1) Other sales consisted primarily of wholesale sales and royalties received from franchise stores, Grupo Sanborns, S.A. de C.V., and
other third parties.
Net sales during fiscal 2008 were $1,511.8 million, a decrease of $111.4 million or 6.9%, from
$1,623.2 million for the prior fiscal year. The decrease in sales for the fiscal year was comprised of the
following components (in thousands):
2008
New stores opened during fiscal 2008 ...................................... $ 2,641
Stores opened during fiscal 2007 .......................................... 9,778
Comparable stores..................................................... (23,860)
Closed stores and other
(1)
............................................... (99,943)
Net decrease in sales ................................................... $(111,384)
(1) Includes a decrease in sales related to the 53rd week in fiscal 2007 as well as the decrease in catalog and e-commerce sales.
Comparable store sales for fiscal 2008 declined 1.7%. The Company’s net sales from Canadian stores
were subject to fluctuation in currency conversion rates. These fluctuations had a favorable impact of
approximately 70 basis points on both net sales and comparable store calculations in fiscal 2008 compared to
fiscal 2007.
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