Pier 1 2013 Annual Report Download - page 62

Download and view the complete annual report

Please find page 62 of the 2013 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 144

  • 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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE 10 – SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Summarized quarterly financial data for the years ended March 2, 2013 and February 25, 2012 are set
forth below (in thousands except per share amounts):
Three Months Ended
Fiscal 2013 5/26/2012 8/25/2012 11/24/2012 3/2/2013 (2)
Net sales $ 361,119 $ 367,615 $ 424,527 $ 551,625
Gross profit 150,275 151,549 186,259 254,977
Operating income 27,413 32,314 38,823 100,435
Net income 17,825 26,231 23,685 61,704
Average shares outstanding - basic 108,597 105,786 105,419 105,168
Average shares outstanding - diluted 110,564 107,447 107,308 107,066
Basic earnings per share 0.16 0.25 0.22 0.59
Diluted earnings per share 0.16 0.24 0.22 0.58
Three Months Ended
Fiscal 2012 5/28/2011 8/27/2011 11/26/2011 2/25/2012
Net sales $ 334,603 $ 339,552 $ 382,699 $ 476,757
Gross profit 134,067 134,521 165,490 217,083
Operating income 19,885 23,734 32,872 78,267
Net income (1) 14,098 16,638 22,988 115,213
Average shares outstanding - basic 117,300 115,288 108,713 108,835
Average shares outstanding - diluted 119,235 117,085 110,306 110,709
Basic earnings per share (1) 0.12 0.14 0.21 1.06
Diluted earnings per share (1) 0.12 0.14 0.21 1.04
(1) During the fourth quarter of fiscal 2012, the Company was able to conclude that given its improved performance, the realization of its
deferred tax assets was more likely than not and accordingly reversed substantially all of its valuation allowance. See Note 8 of the Notes
to Consolidated Financial Statements for further discussion.
(2) The quarter ended March 2, 2013 consisted of 14 weeks, compared to 13 weeks for the quarter ended February 25, 2012.
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.
56