Pier 1 2014 Annual Report Download - page 37

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CONSOLIDATED STATEMENTS OF OPERATIONS
Pier 1 Imports, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
52 Weeks Ended
March 1, 2014 53 Weeks Ended
March 2, 2013 52 Weeks Ended
February 25, 2012
Net sales $1,771,743 $1,704,885 $1,533,611
Cost of sales 1,026,180 961,826 882,449
Gross profit 745,563 743,059 651,162
Selling, general and administrative expenses 531,190 513,085 475,162
Depreciation and amortization 38,873 30,988 21,240
Operating income 175,500 198,986 154,760
Nonoperating (income) and expenses:
Interest, investment income and other (1,721) (2,757) (12,434)
Interest expense 2,572 743 3,087
851 (2,014) (9,347)
Income before income taxes 174,649 201,000 164,107
Income tax provision (benefit) 67,118 71,556 (4,831)
Net income $ 107,531 $ 129,444 $ 168,938
Earnings per share:
Basic $ 1.03 $ 1.22 $ 1.50
Diluted $ 1.01 $ 1.20 $ 1.48
Dividends declared per share: $ 0.21 $ 0.17 $ —
Average shares outstanding during period:
Basic 104,121 106,222 112,534
Diluted 106,248 108,259 114,390
The accompanying notes are an integral part of these financial statements.
PIER 1 IMPORTS, INC. 2014 Form 10-K 33