Pier 1 2009 Annual Report Download - page 45
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Item 8. Financial Statements and Supplementary Data.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of Pier 1 Imports, Inc.
We have audited the accompanying consolidated balance sheets of Pier 1 Imports, Inc. as of
February 28, 2009 and March 1, 2008, and the related consolidated statements of operations,
shareholders’ equity, and cash flows for each of the three years in the period ended February 28, 2009.
These financial statements are the responsibility of the Company’s management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the consolidated financial position of Pier 1 Imports, Inc. at February 28, 2009 and March 1, 2008, and
the consolidated results of its operations and its cash flows for each of the three years in the period
ended February 28, 2009, in conformity with U.S. generally accepted accounting principles.
As discussed in notes to the consolidated financial statements, effective March 3, 2007, Pier 1
Imports, Inc. adopted Statement of Financial Accounting Standards No. 158, Employers’ Accounting
for Defined Benefit Pension and Other Postretirement Plans, an Amendment of FASB Statements
No. 87, 88, 106 and 132(R), and effective March 4, 2007, Pier 1 Imports, Inc. adopted FASB
Interpretation No. 48, Accounting for Uncertainty in Income Taxes—An Interpretation of FASB
Statement No. 109.
We also have audited, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), Pier 1 Imports, Inc.’s internal control over financial reporting as of
February 28, 2009, based on criteria established in Internal Control-Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission and our report dated April 28,
2009 expressed an unqualified opinion thereon.
/s/ Ernst & Young LLP
Fort Worth, Texas
April 28, 2009
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