Pier 1 2010 Annual Report Download - page 4

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We ended the fiscal year with 1,054 Pier 1 Imports locations. We were able to maintain a healthy store base
thanks to the support of our landlords with whom we successfully partnered and negotiated rental reductions for
over 30% of our stores. During fiscal 2011, our plan is to keep our net closings to below 15 stores with a plan for
new net openings in fiscal 2012.
Last year in our shareholder letter we talked about our eight business priorities which keep us focused on great
merchandise, great stores and a lean and efficient infrastructure. They have served us well and will continue to serve
us well into the future. We believe that the consistency and clarity of our strategic vision and approach to managing
our Company will be important contributors to our continuing progress.
With the ongoing and enthusiastic support of our vendors, our landlords, our customers and of course our
associates, we are moving closer to restoring and enhancing shareholder value and returning the luster to our
remarkable Company.
Sincerely,
Alexander W. Smith Michael R. Ferrari
President and Chief Executive Officer Chairman of the Board