Pier 1 2016 Annual Report Download - page 62

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 9 — SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
Summarized quarterly financial data for the years ended February 27, 2016 and February 28, 2015, are set forth below (in
thousands except per share amounts):
Three Months Ended
Fiscal 2016 5/30/2015 8/29/2015 11/28/2015 2/27/2016
Net sales (historical presentation) $432,004 429,956 472,547
Net sales (revised presentation) (1) $436,866 434,992 478,047 542,325
Gross profit (historical presentation) $164,677 149,518 178,493
Gross profit (revised presentation) (1) $169,539 154,554 183,993 196,894
SG&A expenses (historical presentation) $138,725 128,379 146,054
SG&A expenses (revised presentation) (1) $143,587 133,415 151,554 150,272
Operating income $ 13,558 8,385 19,657 33,608
Net income $ 6,874 3,166 10,919 18,675
Average shares outstanding — basic 88,295 86,038 83,877 81,546
Average shares outstanding — diluted 89,021 86,717 84,170 81,574
Basic earnings per share $ 0.08 0.04 0.13 0.23
Diluted earnings per share $ 0.08 0.04 0.13 0.23
Three Months Ended
Fiscal 2015 5/31/2014 8/30/2014 11/29/2014 2/28/2015
Net sales (historical presentation) $419,059 418,622 484,501 543,600
Net sales (revised presentation) (1) $423,710 423,475 487,366 550,006
Gross profit (historical presentation) $167,714 162,637 204,913 214,442
Gross profit (revised presentation) (1) $172,365 167,490 207,778 220,848
SG&A expenses (historical presentation) $131,466 134,817 160,820 149,028
SG&A expenses (revised presentation) (1) $136,117 139,670 163,685 155,434
Operating income $ 25,830 16,529 31,770 53,142
Net income $ 15,055 9,158 17,860 33,089
Average shares outstanding — basic 94,656 91,503 89,741 88,426
Average shares outstanding — diluted 95,925 92,531 90,635 89,421
Basic earnings per share $ 0.16 0.10 0.20 0.37
Diluted earnings per share $ 0.16 0.10 0.20 0.37
(1) In the table above, the Company has revised the presentation of the reporting of Credit Card Fees for all periods presented. The Company previously reported Credit Card Fees as a reduction
to net sales and has revised its presentation to report Credit Card Fees as a component of SG&A expenses. This revised presentation results in an immaterial increase to both net sales and
SG&A expenses. There is no impact to operating income, net income, the balance sheet or statement of cash flows. The three months ended November 29, 2014 included a reduction of
Credit Card Fees based upon a settlement agreement.
56 PIER 1 IMPORTS, INC. 2016 Form 10-K