Pier 1 2011 Annual Report Download - page 67

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 11 – SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Summarized quarterly financial data for the years ended February 26, 2011 and February 27, 2010 are set
forth below (in thousands except per share amounts):
Three Months Ended
Fiscal 2011 5/29/2010 8/28/2010 11/27/2010 2/26/2011
Net sales $ 306,259 $ 309,869 $ 353,759 $ 426,583
Gross profit 114,397 114,451 144,069 182,470
Operating income 8,266 15,202 21,879 58,401
Net income 7,670 14,384 21,004 57,067
Average shares outstanding - basic 116,197 116,414 116,479 116,773
Average shares outstanding - diluted 116,921 116,923 117,680 118,756
Basic earnings per share .07 .12 .18 .49
Diluted earnings per share .07 .12 .18 .48
Three Months Ended
Fiscal 2010 5/30/2009 8/29/2009 11/28/2009 2/27/2010
Net sales $ 281,130 $ 286,674 $ 327,075 $ 395,973
Gross profit 84,814 81,589 119,860 154,151
Operating income (loss) (26,704) (15,304) 2,771 35,984
Net income (loss) 29,314 (15,780) 38,813 34,500
Average shares outstanding - basic 91,113 91,450 104,384 115,913
Average shares outstanding - diluted 91,113 91,450 104,384 116,232
Basic and diluted earnings (loss) per share .32 (.17) .37 .30
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
The Company maintains disclosure controls and procedures, as defined in Rule 13a-15(e) under the
Securities Exchange Act of 1934, as amended, (the “Exchange Act”), that are designed to ensure that information
required to be disclosed by the Company in its reports filed or furnished under the Exchange Act is (a) recorded,
processed, summarized, and reported within the time periods specified in the Securities and Exchange
Commission’s rules and forms, and that such information is (b) accumulated and communicated to the
Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to
allow timely decisions regarding the required disclosure.
As required by Rules 13a-15 and 15d-15 under 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
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