Pier 1 2009 Annual Report Download - page 46
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Pier 1 Imports, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
Year Ended
2009 2008 2007
Net sales ......................................... $1,320,677 $1,511,832 $1,623,216
Operating costs and expenses:
Cost of sales (including buying and store occupancy costs) . . . 957,213 1,072,280 1,149,257
Selling, general and administrative expenses .............. 453,471 487,898 649,005
Depreciation and amortization ....................... 30,556 39,792 51,184
1,441,240 1,599,970 1,849,446
Operating loss ................................. (120,563) (88,138) (226,230)
Nonoperating (income) and expenses:
Interest and investment income ....................... (4,250) (8,677) (12,456)
Interest expense .................................. 14,592 15,916 16,116
Other income .................................... (2,276) (1,960) (1,767)
8,066 5,279 1,893
Loss from continuing operations before income taxes ......... (128,629) (93,417) (228,123)
Provision (benefit) for income taxes ..................... 624 2,594 (885)
Net loss from continuing operations ..................... (129,253) (96,011) (227,238)
Discontinued operations:
Loss from discontinued operations .................... — — (638)
Income tax benefit ................................ — — (231)
Net loss from discontinued operations ................ — — (407)
Net loss ......................................... $(129,253) $ (96,011) $ (227,645)
Loss per share from continuing operations:
Basic and diluted ................................. $ (1.45) $ (1.09) $ (2.59)
Loss per share from discontinued operations:
Basic and diluted ................................. $ — $ — $ (0.01)
Loss per share:
Basic and diluted ................................. $ (1.45) $ (1.09) $ (2.60)
Dividends declared per share: .......................... $ — $ — $ 0.20
Average shares outstanding during period:
Basic and diluted ................................. 88,912 88,083 87,395
The accompanying notes are an integral part of these financial statements.
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