Investor Relations

Pier 1 Imports, Inc. Reports Third Quarter Fiscal 2019 Financial Results



Dec 19 2018

Completes New $50 Million FILO Tranche Within its Secured Revolving Credit Facility

FORT WORTH, Texas--(BUSINESS WIRE)--Dec. 19, 2018-- Pier 1 Imports, Inc. (NYSE:PIR) today reported financial results for the third quarter ended December 1, 2018.

Third Quarter Fiscal 2019 Summary

  • Company comparable sales decreased 10.5% compared to the third quarter of fiscal 2018; the Company estimates that the shift of certain holiday selling days, which were not included in last year’s fiscal third quarter, benefited third quarter fiscal 2019 company comparable sales by approximately 600 basis points. The impact of this timing shift is expected to reverse in the fourth quarter of fiscal 2019.
  • Net sales decreased 11.9% to $413.2 million compared to the third quarter of fiscal 2018;
  • Net loss of $50.4 million, or ($0.62) per share, including the negative impact of $20.8 million, or ($0.26) per share, related to a non-cash charge to establish a valuation allowance against certain deferred tax assets;
  • Inventory down 7.3% from the third quarter of fiscal 2018; and
  • Cash and cash equivalents of $71 million at quarter end. Proactively expanded its secured revolving credit facility to include a new $50 million FILO tranche, and had no short-term borrowings during the quarter.

The Company is taking proactive steps to improve profitability and cash flow. Subsequent to quarter-end, Pier 1 successfully amended its secured revolving credit facility to include a new $50 million first-in, last-out (FILO) tranche with Bank of America and Pathlight Capital. Additionally, the Company has reduced its planned capital expenditures for fiscal 2019 from $60 million to $40 million, and is implementing a more rigorous cost reduction program that is expected to generate annualized expense savings beginning in fiscal 2020.

Pier 1 separately announced today that it has appointed Cheryl A. Bachelder, a member of the Company’s Board of Directors, as Interim Chief Executive Officer, effective immediately. Additionally, Pier 1 announced a number of actions to enhance shareholder value and position the Company for long-term growth and profitability.

Third Quarter Fiscal 2019 Results of Operations

Net sales for the third quarter of fiscal 2019 decreased 11.9% to $413.2 million, compared to $469.2 million for the third quarter of fiscal 2018. Company comparable sales decreased 10.5% as compared to the prior year period. The Company estimates that the shift of certain holiday selling days, which were not included in last year’s fiscal third quarter, benefited third quarter fiscal 2019 company comparable sales by approximately 600 basis points. The Company operated 987 stores at the end of the third quarter of fiscal 2019, a decrease of 24 from the third quarter of fiscal 2018.

Gross profit for the third quarter of fiscal 2019 totaled $130.5 million, or 31.6% of net sales, compared to $176.7 million, or 37.7% of net sales, for the third quarter of fiscal 2018.

Selling, general and administrative (“SG&A”) expenses for the third quarter of fiscal 2019 were $147.0 million, or 35.6% of net sales, compared to $150.4 million, or 32.1% of net sales, for the third quarter of fiscal 2018. The following table details the breakdown of SG&A expenses for the third quarter of fiscal 2019 as compared to last year (in millions).

13 Weeks Ended
December 1, 2018 November 25, 2017
Expense % Sales Expense % Sales
 
Compensation for operations

$

61.0

14.8

%

$

59.6

12.7

%

Operational expenses

 

19.8

4.8

%

 

23.1

4.9

%

Marketing

 

35.4

8.6

%

 

34.0

7.2

%

Other selling, general and administrative

 

30.8

7.5

%

 

33.7

7.2

%

Total selling, general and administrative

$

147.0

35.6

%

$

150.4

32.1

%

Operating loss for the third quarter of fiscal 2019 was $28.9 million compared to operating income of $13.4 million for the prior year period. Net loss for the third quarter of fiscal 2019 totaled $50.4 million, or ($0.62) per share, including a non-cash charge of $20.8 million, or ($0.26) per share, related to the establishment of a valuation allowance against certain deferred tax assets. This compares to net income of $7.4 million, or $0.09 per share, a year ago. EBITDA in the third quarter of fiscal 2019 was ($16.9) million compared to EBITDA of $26.7 million in the third quarter of fiscal 2018. A reconciliation of this non-GAAP measure to GAAP is provided below.

During the third quarter, the Company reassessed its deferred tax valuation allowance based on prevailing accounting guidance related to historical and anticipated cumulative losses. As a result, the Company recorded a non-cash charge of $20.8 million to establish a valuation allowance against a portion of its deferred tax assets. Of this non-cash charge, $19.0 million is attributable to deferred tax assets recognized during the first half of fiscal 2019. This non-cash charge does not limit the Company’s ability to utilize the underlying deferred tax assets against future profits.

Year-to-Date Results of Operations

Net sales for the 39 weeks ended December 1, 2018, were $1.1 billion, a decrease of 11.3% from the same period in fiscal 2018. Company comparable sales for the year-to-date period decreased 10.1% from the prior year.

Gross profit for the year-to-date period of fiscal 2019 totaled $344.1 million, or 30.2% of net sales, compared to $468.4 million, or 36.4% of net sales, for the same period a year ago.

SG&A expenses for the 39 weeks ended December 1, 2018 were $428.7 million, or 37.6% of net sales, compared to $428.7 million, or 33.3% of net sales, in the fiscal 2018 period. The following table details the breakdown of SG&A expenses for the 39-week period of fiscal 2019 as compared to last year (in millions).

39 Weeks Ended
December 1, 2018 November 25, 2017
Expense % Sales Expense % Sales
 
Compensation for operations

$

176.6

15.5

%

$

174.1

13.5

%

Operational expenses

 

60.2

5.3

%

 

64.4

5.0

%

Marketing

 

95.5

8.4

%

 

82.6

6.4

%

Other selling, general and administrative

 

96.4

8.5

%

 

107.6

8.4

%

Total selling, general and administrative1

$

428.7

37.6

%

$

428.7

33.3

%

(1) The period ended November 25, 2017 includes legal and regulatory costs and investments in brand consulting totaling approximately $11 million incurred in the second and third quarters of fiscal 2018.

For the 39-week period ended December 1, 2018, operating loss was $122.8 million compared to operating loss of $0.2 million in the same period a year ago. Net loss for the 39 weeks ended December 1, 2018 totaled $130.0 million, or ($1.62) per share.Thiscompares to net loss of $3.4 million, or ($0.04) per share, andadjusted net income (non-GAAP) of $0.3 million, or $0.01 per share for the 39-week period ended November 25, 2017. Adjusted net income in the year-to-date period of fiscal 2018 excludes $6.6 million ($3.7 million, or $0.05 per share, net of tax) of expense for legal and regulatory costs related to a California wage-and-hour matter and an ongoing Consumer Product Safety Commission (“CPSC”) inquiry. EBITDA for the 39-week period ended December 1, 2018 was ($84.8) million compared to EBITDA of $41.2 million, and after excluding the legal and regulatory costs referred to above, adjusted EBITDA of $47.8 million, in the 39-week period of fiscal 2018. A reconciliation of these non-GAAP measures to GAAP is provided below.

Balance Sheet Highlights & Financing Transaction

As of December 1, 2018, inventories totaled $388.3 million compared to $418.9 million a year ago. At the close of the third quarter, the Company had $71.1 million of cash and cash equivalents, $191.5 million outstanding under its senior secured term loan and no short-term borrowings under its secured revolving credit facility. The Company’s new $50 million FILO tranche, which was completed and funded on December 14, 2018, expands Pier 1’s secured revolving credit facility maturing on June 2, 2022, from $350 million to $400 million and modifies the borrowing base.

Third Quarter Fiscal 2019 Financial Results Conference Call

The Company will hold a conference call to discuss third quarter fiscal 2019 financial results, the appointment of Cheryl Bachelder as Interim Chief Executive Officer and the initiatives announced today at 4:00 p.m. Central Time/5:00 p.m. Eastern Time on Wednesday, December 19, 2018. A live audio webcast will be accessible at the Company’s website at https://investors.pier1.com. The call can also be accessed domestically at (866) 378-2926 and internationally at (409) 350-3152, conference ID 4783849.

Financial Disclosure Advisory

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”).This press release references non-GAAP financial measures including EBITDA, adjusted EBITDA, adjusted net income (loss) and adjusted earnings (loss) per share.

The Company believes that the non-GAAP financial measures used in this press release allow management and investors to understand and compare results in a more consistent manner for the periods presented. Non-GAAP financial measures should be considered supplemental and not a substitute for the Company’s results reported in accordance with GAAP for the periods presented.

EBITDA represents earnings before interest, taxes, depreciation and amortization. Management believes EBITDA is a meaningful indicator of the Company’s performance, which provides useful information to investors regarding its financial condition and results of operations. Management uses EBITDA, together with financial measures prepared in accordance with GAAP, to assess the Company’s operating performance, to enhance its understanding of core operating performance and to compare the Company’s operating performance to other retailers. EBITDA should not be considered in isolation or used as an alternative to GAAP financial measures and does not purport to be an alternative to net income (loss) as a measure of operating performance. A reconciliation of EBITDA to net income (loss) is shown below for the periods indicated (in millions).

13 Weeks Ended 39 Weeks Ended
December 1, 2018 November 25, 2017 December 1, 2018 November 25, 2017
$ Amount % of Sales $ Amount % of Sales $ Amount % of Sales $ Amount % of Sales
EBITDA (non-GAAP)

$

(16.9

)

(4.1

)%

$

26.7

5.7

%

$

(84.8

)

(7.4

)%

$

41.2

 

3.2

%

Less: Income tax provision (benefit)

 

17.9

 

4.3

%

 

3.7

0.8

%

 

(2.3

)

(0.2

)%

 

(4.2

)

(0.3

)%

Interest expense, net

 

3.3

 

0.8

%

 

2.8

0.6

%

 

9.5

 

0.8

%

 

8.9

 

0.7

%

Depreciation

 

12.4

 

3.0

%

 

12.8

2.7

%

 

38.1

 

3.4

%

 

40.0

 

3.1

%

Net income (loss) (GAAP)

$

(50.4

)

(12.2

)%

$

7.4

1.6

%

$

(130.0

)

(11.4

)%

$

(3.4

)

(0.3

)%

This press release also references adjusted EBITDA, adjusted net income (loss) and adjusted earnings (loss) per share, each of which excludes legal and regulatory costs relating to a California wage-and-hour matter and an ongoing CPSC inquiry incurred during fiscal 2018. Management believes these non-GAAP financial measures are useful in comparing the Company’s year-over-year operating performance and should be considered supplemental and not a substitute for the Company’s net income (loss) or earnings (loss) per share reported in accordance with GAAP for the periods presented. A reconciliation of EBITDA, net income (loss) and earnings (loss) per share to adjusted EBITDA, adjusted net income (loss) and adjusted earnings (loss) per share, respectively, is shown below for the periods indicated (in millions).

13 Weeks Ended 39 Weeks Ended
December 1, 2018 November 25, 2017 December 1, 2018 November 25, 2017
 
EBITDA (Non-GAAP)

$

(16.9

)

$

26.7

$

(84.8

)

$

41.2

 

Add back: Legal and regulatory matters -

 

6.6

 

Adjusted EBITDA (Non-GAAP)

$

(16.9

)

$

26.7

$

(84.8

)

$

47.8

 

 
Net income (loss) (GAAP)

$

(50.4

)

$

7.4

$

(130.0

)

$

(3.4

)

Add back: Legal and regulatory matters, net of tax (1)

 

0.1

 

3.7

 

Adjusted net income (loss) (Non-GAAP)

$

(50.4

)

$

7.5

$

(130.0

)

$

0.3

 

 
Earnings (loss) per share (GAAP)

$

(0.62

)

$

0.09

$

(1.62

)

$

(0.04

)

Add back: Legal and regulatory matters, net of tax (1) -

 

0.05

 

Adjusted earnings (loss) per share (Non-GAAP)

$

(0.62

)

$

0.09

$

(1.62

)

$

0.01

 

(1) For the 39 weeks ended November 25, 2017, legal and regulatory costs relating to a California wage-and-hour matter and an ongoing CPSC inquiry totaled $6.6 million, or $3.7 million after adjusting for the tax impact.

Except for historical information contained herein, the statements in this press release or otherwise made by our management in connection with the subject matter of this press release are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and involve risks and uncertainties and are subject to change based on various important factors. This press release includes forward-looking statements that are based on management’s current estimates or expectations of future events or future results. These statements are not historical in nature and can generally be identified by such words as “believe,” “expect,” “estimate,” “anticipate,” “plan,” “may,” “will,” “intend” and similar expressions. Management’s expectations and assumptions regarding future results are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements included in this press release. These risks and uncertainties include, but are not limited to: the impact of initiatives implemented in connection with the Company’s multi-year “New Day” strategic plan, particularly with respect to changes in that plan and initiatives intended to return the Company to profitable growth; the impact of initiatives connected with the designation of Ms. Bachelder as interim chief executive officer; the results of the evaluation of strategic alternatives and the terms, value and timing of any transaction resulting from that process, or the failure of any such transaction to occur; the effectiveness of the Company’s marketing campaigns, merchandising and promotional strategies and customer databases; consumer spending patterns; inventory levels and values; the Company's ability to increase cash flows to support its operating activities; the effectiveness of the Company's relationships with, and operations of, its key suppliers; the Company’s ability to implement planned cost control measures and reductions in capital expenditures; risks related to U.S. import policy, particularly with regard to the impact of tariffs on goods imported from China and strategies undertaken to mitigate such impact; and changes in foreign currency values relative to the U.S. dollar. These and other factors that could cause results to differ materially from those described in the forward-looking statements contained in this press release can be found in the Company’s Annual Report on Form 10-K and in other filings with the SEC. Refer to the Company’s most recent SEC filings for any updates concerning these and other risks and uncertainties that may affect the Company’s operations and performance. Undue reliance should not be placed on forward-looking statements, which are only current as of the date they are made. The Company assumes no obligation to update or revise its forward-looking statements, except as may be required by applicable law.

Pier 1 Imports is proud to offer one-of-a-kind-gotta-have-it-seriously-love-it products that help our customers tell their stories through home décor. Over the past 50 years we’ve grown from a single store to an omni-channel retailer reaching the whole of North America. Our customers shop us online and in store, and interact with us on social media. From the launch of our Pier 1 PICKS to our world renowned Papasan, we bring uniqueness and fun to the world of home décor. We are the perfect place for all your versions of “This is me.” To get inspired or simply get to know us a little better, visit pier1.com.

 
Pier 1 Imports, Inc.
 
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
(unaudited)
 
13 Weeks Ended

December 1,

 

% of

 

November 25,

 

% of

 

2018

 

 

Sales

 

 

2017

 

 

Sales

 

Net sales

$

413,232

 

 

100.0

%

 

$

469,161

 

 

100.0

%

 

 

 

 

 

 

 

 

Cost of sales

 

282,740

 

 

68.4

%

 

 

292,485

 

 

62.3

%

 

 

 

 

 

 

 

 

Gross profit

 

130,492

 

 

31.6

%

 

 

176,676

 

 

37.7

%

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

147,012

 

 

35.6

%

 

 

150,395

 

 

32.1

%

Depreciation

 

12,423

 

 

3.0

%

 

 

12,833

 

 

2.7

%

 

 

 

 

 

 

 

 

Operating income (loss)

 

(28,943

)

 

(7.0

%)

 

 

13,448

 

 

2.9

%

 

 

 

 

 

 

 

 

Nonoperating (income) and expenses:

 

 

 

 

 

 

 

Interest, investment income and other

 

96

 

 

 

 

 

(597

)

 

 

Interest expense

 

3,526

 

 

 

 

 

2,960

 

 

 

 

 

3,622

 

 

0.9

%

 

 

2,363

 

 

0.5

%

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

(32,565

)

 

(7.9

%)

 

 

11,085

 

 

2.4

%

Income tax provision

 

17,876

 

 

4.3

%

 

 

3,704

 

 

0.8

%

 

 

 

 

 

 

 

 

Net income (loss)

$

(50,441

)

 

(12.2

%)

 

$

7,381

 

 

1.6

%

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

Basic

$

(0.62

)

 

 

 

$

0.09

 

 

 

 

 

 

 

 

 

 

 

Diluted

$

(0.62

)

 

 

 

$

0.09

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share:

$

-

 

 

 

 

$

0.07

 

 

 

 

 

 

 

 

 

 

 

Average shares outstanding during period:

 

 

 

 

 

 

 

Basic

 

80,784

 

 

 

 

 

79,658

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

80,784

 

 

 

 

 

79,658

 

 

 

Pier 1 Imports, Inc.
 
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
(unaudited)
 
39 Weeks Ended

December 1,

 

% of

 

November 25,

 

% of

 

2018

 

 

Sales

 

 

2017

 

 

Sales

 
Net sales

$

1,140,432

 

 

100.0

%

 

$

1,286,293

 

 

100.0

%

 

 

 

 

 

 

 

Cost of sales

 

796,295

 

 

69.8

%

 

 

817,856

 

 

63.6

%

 

 

 

 

 

 

 

Gross profit

 

344,137

 

 

30.2

%

 

 

468,437

 

 

36.4

%

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

428,741

 

 

37.6

%

 

 

428,677

 

 

33.3

%

Depreciation

 

38,146

 

 

3.4

%

 

 

39,973

 

 

3.1

%

 

 

 

 

 

 

 

Operating loss

 

(122,750

)

 

(10.8

%)

 

 

(213

)

 

0.0

%

 

 

 

 

 

 

 

Nonoperating (income) and expenses:

 

 

 

 

 

 

 

Interest, investment income and other

 

(1,067

)

 

 

 

 

(1,575

)

 

 

Interest expense

 

10,670

 

 

 

 

 

8,991

 

 

 

 

9,603

 

 

0.8

%

 

 

7,416

 

 

0.6

%

 

 

 

 

 

 

 

Loss before income taxes

 

(132,353

)

 

(11.6

%)

 

 

(7,629

)

 

(0.6

%)

Income tax benefit

 

(2,321

)

 

(0.2

%)

 

 

(4,201

)

 

(0.3

%)

 

 

 

 

 

 

 

Net loss

$

(130,032

)

 

(11.4

%)

 

$

(3,428

)

 

(0.3

%)

 

 

 

 

 

 

 

Loss per share:

 

 

 

 

 

 

 

Basic

$

(1.62

)

 

 

 

$

(0.04

)

 

 

 

 

 

 

 

 

 

Diluted

$

(1.62

)

 

 

 

$

(0.04

)

 

 

 

 

 

 

 

 

 

Dividends declared per share:

$

-

 

 

 

 

$

0.21

 

 

 

 

 

 

 

 

 

 

Average shares outstanding during period:

 

 

 

 

 

 

 

Basic

 

80,508

 

 

 

 

 

80,363

 

 

 

 

 

 

 

 

 

 

Diluted

 

80,508

 

 

 

 

 

80,363

 

 

 

Pier 1 Imports, Inc.
 

CONSOLIDATED BALANCE SHEETS

(in thousands except share amounts)

(unaudited)

 
 

December 1,

 

March 3,

 

November 25,

 

2018

 

 

 

2018

 

 

 

2017

 

ASSETS
 
Current assets:
Cash and cash equivalents, including temporary investments
of $63,330, $115,456 and $67,719, respectively

$

71,109

 

$

135,379

 

$

80,234

 

Accounts receivable, net

 

36,283

 

 

22,149

 

 

43,062

 

Inventories

 

388,275

 

 

347,440

 

 

418,868

 

Prepaid expenses and other current assets

 

56,656

 

 

48,794

 

 

43,960

 

Total current assets

 

552,323

 

 

553,762

 

 

586,124

 

 
Properties and equipment, net of accumulated depreciation
of $551,065, $554,477 and $547,520, respectively

 

159,705

 

 

178,767

 

 

178,481

 

Other noncurrent assets

 

33,264

 

 

39,790

 

 

39,006

 

$

745,292

 

$

772,319

 

$

803,611

 

 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
Current liabilities:
Accounts payable

$

172,744

 

$

71,279

 

$

94,279

 

Gift cards and other deferred revenue

 

44,028

 

 

55,281

 

 

57,280

 

Accrued income taxes payable

 

-

 

 

 

2,301

 

 

 

-

 

Current portion of long-term debt

 

2,000

 

 

2,000

 

 

2,000

 

Other accrued liabilities

 

118,236

 

 

106,268

 

 

120,274

 

Total current liabilities

 

337,008

 

 

237,129

 

 

273,833

 

 
Long-term debt

 

197,011

 

 

197,906

 

 

198,188

 

Other noncurrent liabilities

 

54,087

 

 

59,714

 

 

64,058

 

 
Shareholders' equity:
Common stock, $0.001 par, 500,000,000 shares authorized,
125,232,000 issued

 

125

 

 

125

 

 

125

 

Paid-in capital

 

148,925

 

 

168,424

 

 

162,677

 

Retained earnings

 

603,220

 

 

726,232

 

 

716,719

 

Cumulative other comprehensive loss

 

(8,219

)

 

(7,477

)

 

(6,599

)

Less -- 40,378,000, 41,974,000 and 41,710,000
common shares in treasury, at cost, respectively

 

(586,865

)

 

(609,734

)

 

(605,390

)

Total shareholders' equity

 

157,186

 

 

277,570

 

 

267,532

 

$

745,292

 

$

772,319

 

$

803,611

 

Pier 1 Imports, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

39 Weeks Ended

December 1,

 

November 25,

 

2018

 

 

 

2017

 

 

 

Cash flows from operating activities:

 

 

Net loss

$

(130,032

)

 

$

(3,428

)

Adjustments to reconcile to net cash used in

 

 

 

operating activities:

 

 

 

Depreciation

 

44,121

 

 

 

45,934

 

Stock-based compensation expense

 

2,266

 

 

 

3,087

 

Deferred compensation, net

 

2,065

 

 

 

1,940

 

Deferred income taxes

 

(1,361

)

 

 

5,663

 

Other

 

1,486

 

 

 

2,168

 

Changes in cash from:

 

 

 

Inventories

 

(41,257

)

 

 

(17,892

)

Prepaid expenses and other assets

 

(18,210

)

 

 

(33,366

)

Accounts payable and other liabilities

 

104,888

 

 

 

14,914

 

Accrued income taxes payable, net of payments

 

(2,313

)

 

 

(26,058

)

Net cash used in operating activities

 

(38,347

)

 

 

(7,038

)

 

 

 

Cash flows from investing activities:

 

 

 

Capital expenditures

 

(31,466

)

 

 

(41,057

)

Proceeds from disposition of properties

 

1,732

 

 

 

71

 

Proceeds from sale of restricted investments

 

11,236

 

 

 

27,428

 

Purchase of restricted investments

 

(6,605

)

 

 

(25,742

)

Net cash used in investing activities

 

(25,103

)

 

 

(39,300

)

 

 

 

Cash flows from financing activities:

 

 

 

Cash dividends

 

-

 

 

 

(16,753

)

Purchases of treasury stock

 

-

 

 

 

(10,000

)

Stock purchase plan and other, net

 

1,104

 

 

 

1,626

 

Repayments of long-term debt

 

(1,500

)

 

 

(1,500

)

Debt issuance costs

 

-

 

 

 

(1,261

)

Borrowings under revolving line of credit

 

-

 

 

 

8,000

 

Repayments of borrowings under revolving line of credit

 

-

 

 

 

(8,000

)

Net cash used in financing activities

 

(396

)

 

 

(27,888

)

 

 

 

Effect of exchange rate changes on cash

 

(424

)

 

 

-

 

 

 

 

Change in cash and cash equivalents

 

(64,270

)

 

 

(74,226

)

 

 

 

Cash and cash equivalents at beginning of period

 

135,379

 

 

 

154,460

 

 

 

 

Cash and cash equivalents at end of period

$

71,109

 

 

$

80,234

 

 

Source: Pier 1 Imports, Inc.

Christine Greany
The Blueshirt Group
(858) 523-1732
christine@blueshirtgroup.com