Pier 1 2011 Annual Report Download - page 41

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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 26,
2011 and February 27, 2010, and the related consolidated statements of operations, shareholders’ equity, and
cash flows for each of the three years in the period ended February 26, 2011. 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 26, 2011 and February 27, 2010, and the
consolidated results of its operations and its cash flows for each of the three years in the period ended
February 26, 2011, in conformity with U.S. generally accepted accounting principles.
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 26, 2011,
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 25, 2011 expressed an unqualified
opinion thereon.
/s/ Ernst & Young LLP
Fort Worth, Texas
April 25, 2011
35