Pier 1 2009 Annual Report Download - page 85

Download and view the complete annual report

Please find page 85 of the 2009 Pier 1 annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 173

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
Item 9A. Controls and Procedures.
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
As required by Rules 13a-15 and 15d-15 under the Securities Exchange Act of 1934, as amended
(the ‘‘Exchange Act’’), an evaluation was conducted under the supervision and with the participation of
the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the
effectiveness of the design and operation of the Company’s disclosure controls and procedures as of
February 28, 2009, and based on this evaluation the Chief Executive Officer and Chief Financial
Officer have concluded, with reasonable assurance, that the Company’s disclosure controls and
procedures were effective as of such date to ensure that information required to be disclosed by the
Company in its reports filed or furnished under the Exchange Act is (a) accumulated and
communicated to management, including the Chief Executive Officer and the Chief Financial Officer,
as appropriate to allow timely decisions regarding required disclosure, and (b) recorded, processed,
summarized and reported within the time periods specified in the Securities and Exchange
Commission’s rules and forms.
REPORT OF MANAGEMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Management is responsible for establishing and maintaining a system of internal control over
financial reporting designed to provide reasonable assurance that transactions are executed in
accordance with management authorization and that such transactions are properly recorded and
reported in the financial statements, and that records are maintained so as to permit preparation of the
financial statements in accordance with U.S. generally accepted accounting principles. Because of its
inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Management has assessed the effectiveness of the Company’s internal control over financial reporting
utilizing the criteria set forth by the Committee of Sponsoring Organizations of the Treadway
Commission in Internal Control—Integrated Framework. Management concluded that based on its
assessment, Pier 1 Imports, Inc.’s internal control over financial reporting was effective as of
February 28, 2009. Ernst & Young LLP, an independent registered public accounting firm, has audited
the Company’s internal control over financial reporting as of February 28, 2009, as stated in their
report which is included in this Annual Report on Form 10-K.
/s/ Alexander W. Smith
Alexander W. Smith
President and
Chief Executive Officer
/s/ Charles H. Turner
Charles H. Turner
Executive Vice President and
Chief Financial Officer
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
There were no changes in the Company’s internal control over financial reporting during the
fourth quarter of fiscal 2009 that would have materially affected, or would have been reasonably likely
to materially affect, the Company’s internal control over financial reporting.
78