Pier 1 2008 Annual Report Download - page 70

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Fiscal 2007
(1)
5/27/2006 8/26/2006 11/25/2006 3/3/2007
Three Months Ended
Net sales................................ $376,092 $370,698 $402,714 $473,712
Gross profit
(2)
............................ 127,252 105,497 124,583 116,627
Net loss from continuing operations
(3)
.......... (22,765) (73,059) (72,718) (58,696)
Net loss from discontinued operations .......... (407) — — —
Net loss ................................ (23,172) (73,059) (72,718) (58,696)
Basic and diluted loss per share from continuing
operations ............................. (.26) (.84) (.83) (.67)
Basic and diluted loss per share from discontinued
operations ............................. (.01) — — —
Basic and diluted loss per share ............... (.27) (.84) (.83) (.67)
(1) Fiscal 2008 consisted of 52 weeks, while fiscal 2007 consisted of 53 weeks.
(2) Gross profit for the fourth quarter ended March 3, 2007, included the pre-tax effect of a $32.5 million inventory write-down related to
a strategic decision made in the fourth quarter to liquidate certain inventory by the end of the first quarter of fiscal 2008. See Note 1
of the Notes to Consolidated Financial Statements for further discussion of this charge.
(3) Net loss for the fourth quarter ended March 3, 2007, included the pre-tax effects of a $6.8 million settlement and curtailment charge
related to retirement plans and a $6.5 million impairment charge on long-lived assets. See Note 1 and Note 9 of the Notes to Consoli-
dated Financial Statements for further discussion of these charges.
68
Pier 1 Imports, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)