Pier 1 2008 Annual Report Download - page 35
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Pier 1 Imports, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts)
2008 2007 2006
Year Ended
Net sales ............................................ $1,511,832 $1,623,216 $1,776,701
Operating costs and expenses:
Cost of sales (including buying and store occupancy costs) . .... 1,072,280 1,149,257 1,175,011
Selling, general and administrative expenses ................ 487,898 649,005 588,273
Depreciation and amortization ........................... 39,792 51,184 56,229
1,599,970 1,849,446 1,819,513
Operating loss ..................................... (88,138) (226,230) (42,812)
Nonoperating (income) and expenses:
Interest and investment income .......................... (8,677) (12,456) (3,510)
Interest expense ..................................... 15,916 16,116 2,610
Other income ....................................... (1,960) (1,767) —
5,279 1,893 (900)
Loss from continuing operations before income taxes ........... (93,417) (228,123) (41,912)
Provision (benefit) for income taxes ........................ 2,594 (885) (14,441)
Net loss from continuing operations ........................ (96,011) (227,238) (27,471)
Discontinued operations:
Loss from discontinued operations ........................ — (638) (17,583)
Income tax benefit ................................... — (231) (5,250)
Net loss from discontinued operations ................... — (407) (12,333)
Net loss ............................................. $ (96,011) $ (227,645) $ (39,804)
Loss per share from continuing operations:
Basic and diluted .................................... $ (1.09) $ (2.59) $ (0.32)
Loss per share from discontinued operations:
Basic and diluted .................................... $ — $ (0.01) $ (0.14)
Loss per share:
Basic and diluted .................................... $ (1.09) $ (2.60) $ (0.46)
Dividends declared per share: ............................. $ — $ 0.20 $ 0.40
Average shares outstanding during period:
Basic and diluted .................................... 88,083 87,395 86,629
The accompanying notes are an integral part of these financial statements.
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