pir-10q_20190831.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 31, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number: 001-07832

 

PIER 1 IMPORTS, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

75-1729843

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer
Identification No.)

100 Pier 1 Place

Fort Worth, Texas

76102

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (817) 252-8000

Former name, former address and former fiscal year, if changed since last report: Not Applicable

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

PIR

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of October 4, 2019, the registrant had 4,276,081 shares of common stock, $0.001 par value per share, outstanding.

 

 


 

PIER 1 IMPORTS, INC.

INDEX TO QUARTERLY FORM 10-Q

 

 

 

 

 

PAGE

 

 

 

 

 

PART I. FINANCIAL INFORMATION

 

4

 

 

 

 

 

Item 1.

 

Financial Statements.

 

4

 

 

 

 

 

 

 

Consolidated Statements of Operations for the 13 and 26 Weeks Ended August 31, 2019 and September 1, 2018

 

4

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Loss for the 13 and 26 Weeks Ended August 31, 2019 and September 1, 2018

 

5

 

 

 

 

 

 

 

Consolidated Balance Sheets as of August 31, 2019, March 2, 2019 and September 1, 2018

 

6

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the 26 Weeks Ended August 31, 2019 and September 1, 2018

 

7

 

 

 

 

 

 

 

Consolidated Statements of Shareholders' Equity (Deficit) for the 13 and 26 Weeks Ended August 31, 2019 and September 1, 2018

 

8

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements

 

10

 

 

 

 

 

Item 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations.

 

16

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk.

 

21

 

 

 

 

 

Item 4.

 

Controls and Procedures.

 

21

 

 

 

 

 

PART II. OTHER INFORMATION

 

22

 

 

 

 

 

Item 1.

 

Legal Proceedings.

 

22

 

 

 

 

 

Item 1A.

 

Risk Factors.

 

22

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds.

 

23

 

 

 

 

 

Item 3.

 

Defaults upon Senior Securities.

 

23

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures.

 

23

 

 

 

 

 

Item 5.

 

Other Information.

 

23

 

 

 

 

 

Item 6.

 

Exhibits.

 

24

 

 

 

 

 

Signatures

 

25

 

 

 


 

FORWARD-LOOKING STATEMENTS

Certain statements contained in Items 1, 2 and 3 of Part I and elsewhere in this report may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Pier 1 Imports, Inc. and its consolidated subsidiaries (the “Company”) may also make forward-looking statements in other reports filed with the United States Securities and Exchange Commission (“SEC”), in press releases, in presentations and in material delivered to the Company’s shareholders. Forward-looking statements provide current expectations of future events based on management’s assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors. These statements encompass information that does not directly relate to any historical or current fact and often may be identified with words such as “believe,” “expect,” “estimate,” “anticipate,” “plan,” “may,” “will,” “intend” and other similar expressions.

Management’s expectations and assumptions regarding: actions intended to return the Company to profitable growth; fiscal 2020 action plans and expense reduction initiatives intended to reset the Company’s gross margin and cost structure; the Company’s ability to increase cash flows to support its operating activities; 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 effectiveness of the Company’s relationships with, and operations of, its key suppliers; risks related to changes in U.S. policy related to imported merchandise, particularly with regard to the impact of tariffs on goods imported from China and strategies undertaken to mitigate such impact; changes in foreign currency values relative to the U.S. dollar; the Company’s ability to identify a successor chief executive officer and retain its senior management team; continued volatility in the price of the Company’s common stock and the Company’s ability to regain compliance with the continued listing criteria of the New York Stock Exchange (“NYSE”) including the NYSE’s acceptance of a business plan that demonstrates compliance with continued listing requirements, the Company’s ability to execute such plan and to continue to comply with applicable listing standards within the available cure period and risks arising from the potential suspension of trading of the Company’s common stock on the NYSE; and other 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.

Additional risks and uncertainties that may affect Company operations and performance include, among others: the failure by the Company to identify, develop and successfully implement immediate action plans and longer-term strategic initiatives; the inability of the Company to anticipate, identify and respond to changing customer trends and preferences for home décor and furniture and to identify, source, ship and deliver items of acceptable quality to its U.S. distribution and fulfillment centers, stores and customers at reasonable prices and rates in a timely fashion; risks related to outsourcing certain business processes to third-party vendors, including disruptions in business, cyber security threats and increased costs; an overall decline in the health of the U.S. economy and its impact on consumer confidence and spending; disruptions in the Company’s domestic supply chain or e‑Commerce website; failure to successfully manage and execute the Company’s marketing initiatives; negative impacts from a failure to control merchandise returns and recalls; potential impairment charges on certain long-lived assets; the risk that insufficient cash flows from operations could result in the substantial utilization of the Company’s secured revolving credit facility or similar financing which, in turn, may limit the Company’s ability to conduct certain activities; the Company’s access to adequate operating cash flow, trade credit, borrowed funds and capital to fund its operations and pay its obligations as they become due, including the impact of continued deterioration of the Company’s financial performance or adverse trends or disruption in the global credit and equity markets; the highly competitive retail environment with companies offering similar specialty home merchandise; factors affecting consumer spending, including employment levels and disposable income, interest rates, consumer debt levels, fuel and transportation costs and other factors; an inability to operate in desirable locations at reasonable rental rates and to close underperforming stores at or before the completion of their lease terms; failure to attract, motivate and retain an effective management team or changes in the cost or availability of a suitable workforce; failure to successfully manage omni-channel operations; seasonal variations; increases in costs that are outside the Company’s control; adverse weather conditions and natural disasters; risks related to the Company’s dependence on technology in the operation of its business; failure to protect consumer data; failure to successfully implement new information technology systems and enhance existing systems; risks related to cybersecurity and e-Commerce related fraud; failure to maintain positive brand perception and recognition; risks related to imported merchandise including the health of global, national, regional, and local economies and their impact on vendors, manufacturers and merchandise; factors beyond the Company’s control, including general economic and market conditions, fluctuations in the Company’s financial condition or other factors that could affect the common stock price; risks related to actions by activist shareholders; regulatory and legal risks; and litigation risks.

The foregoing risks and uncertainties are in addition to others discussed elsewhere in this report which may also affect Company operations and performance. The Company assumes no obligation to update or otherwise revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied will not be realized. Additional information concerning these risks and uncertainties is contained in the Company's Annual Report on Form 10‑K for the fiscal year ended March 2, 2019, as filed with the SEC, and in Item 1A of Part II in this report – “Risk Factors”.

 

 

3


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Pier 1 Imports, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except per share amounts)

(unaudited)

 

 

 

13 Weeks Ended

 

 

26 Weeks Ended

 

 

 

August 31,

 

 

September 1,

 

 

August 31,

 

 

September 1,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net sales

 

$

304,590

 

 

$

355,336

 

 

$

618,914

 

 

$

727,200

 

Cost of sales

 

 

253,752

 

 

 

261,830

 

 

 

489,256

 

 

 

513,555

 

Gross profit

 

 

50,838

 

 

 

93,506

 

 

 

129,658

 

 

 

213,645

 

Selling, general and administrative expenses

 

 

131,872

 

 

 

143,149

 

 

 

274,854

 

 

 

281,729

 

Depreciation

 

 

12,021

 

 

 

12,823

 

 

 

24,424

 

 

 

25,723

 

Operating loss

 

 

(93,055

)

 

 

(62,466

)

 

 

(169,620

)

 

 

(93,807

)

Nonoperating (income) and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest, investment income and other

 

 

(227

)

 

 

(846

)

 

 

(358

)

 

 

(1,163

)

Interest expense

 

 

5,150

 

 

 

3,594

 

 

 

10,297

 

 

 

7,144

 

 

 

 

4,923

 

 

 

2,748

 

 

 

9,939

 

 

 

5,981

 

Loss before income taxes

 

 

(97,978

)

 

 

(65,214

)

 

 

(179,559

)

 

 

(99,788

)

Income tax provision (benefit)

 

 

2,573

 

 

 

(14,126

)

 

 

2,705

 

 

 

(20,197

)

Net loss

 

$

(100,551

)

 

$

(51,088

)

 

$

(182,264

)

 

$

(79,591

)

Loss per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(24.29

)

 

$

(12.68

)

 

$

(44.28

)

 

$

(19.80

)

Diluted

 

$

(24.29

)

 

$

(12.68

)

 

$

(44.28

)

 

$

(19.80

)

Average shares outstanding during period:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

4,139

 

 

 

4,028

 

 

 

4,116

 

 

 

4,019

 

Diluted

 

 

4,139

 

 

 

4,028

 

 

 

4,116

 

 

 

4,019

 

 

The accompanying notes are an integral part of these financial statements.

4


 

Pier 1 Imports, Inc.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

(unaudited)

 

 

 

13 Weeks Ended

 

 

26 Weeks Ended

 

 

 

August 31,

 

 

September 1,

 

 

August 31,

 

 

September 1,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net loss

 

$

(100,551

)

 

$

(51,088

)

 

$

(182,264

)

 

$

(79,591

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

630

 

 

 

(32

)

 

 

79

 

 

 

(261

)

Pension adjustments

 

 

2

 

 

 

6

 

 

 

3

 

 

 

338

 

Other comprehensive income (loss)

 

 

632

 

 

 

(26

)

 

 

82

 

 

 

77

 

Comprehensive loss, net of tax

 

$

(99,919

)

 

$

(51,114

)

 

$

(182,182

)

 

$

(79,514

)

 

The accompanying notes are an integral part of these financial statements.

5


 

Pier 1 Imports, Inc.

CONSOLIDATED BALANCE SHEETS

(in thousands except share amounts)

(unaudited)

 

 

 

August 31,

 

 

March 2,

 

 

September 1,

 

 

 

2019

 

 

2019

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, including temporary investments of

   $2,956, $49,532 and $89,208, respectively

 

$

10,007

 

 

$

54,878

 

 

$

116,769

 

Accounts receivable, net

 

 

25,609

 

 

 

21,189

 

 

 

24,183

 

Inventories

 

 

328,642

 

 

 

347,584

 

 

 

386,691

 

Prepaid expenses and other current assets

 

 

50,499

 

 

 

49,876

 

 

 

51,797

 

Total current assets

 

 

414,757

 

 

 

473,527

 

 

 

579,440

 

Properties and equipment, net of accumulated depreciation of

   $580,086, $556,426 and $578,476, respectively

 

 

121,129

 

 

 

149,356

 

 

 

168,089

 

Operating lease right-of-use assets

 

 

625,171

 

 

 

 

 

 

 

Other noncurrent assets

 

 

29,342

 

 

 

33,407

 

 

 

57,460

 

 

 

$

1,190,399

 

 

$

656,290

 

 

$

804,989

 

LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

146,442

 

 

$

121,969

 

 

$

181,486

 

Gift cards and other deferred revenue

 

 

37,424

 

 

 

37,655

 

 

 

43,388

 

Borrowings under revolving line of credit

 

 

55,000

 

 

 

 

 

 

 

Accrued income taxes payable

 

 

 

 

 

302

 

 

 

 

Current portion of long-term debt

 

 

2,438

 

 

 

2,000

 

 

 

2,000

 

Current portion of operating lease liabilities

 

 

150,184

 

 

 

 

 

 

 

Other accrued liabilities

 

 

98,475

 

 

 

107,539

 

 

 

117,755

 

Total current liabilities

 

 

489,963

 

 

 

269,465

 

 

 

344,629

 

Long-term debt

 

 

258,900

 

 

 

245,624

 

 

 

197,310

 

Long-term operating lease liabilities

 

 

513,641

 

 

 

 

 

 

 

Other noncurrent liabilities

 

 

17,571

 

 

 

51,672

 

 

 

55,882

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity (deficit):

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, $0.001 par, 25,000,000 shares authorized, 6,262,000 issued

 

 

6

 

 

 

6

 

 

 

6

 

Paid-in capital

 

 

141,943

 

 

 

138,469

 

 

 

137,510

 

Retained earnings

 

 

353,698

 

 

 

534,419

 

 

 

653,661

 

Cumulative other comprehensive loss

 

 

(7,779

)

 

 

(7,861

)

 

 

(7,400

)

Less -- 1,990,000, 1,981,000 and 1,984,000 common shares in treasury, at cost, respectively

 

 

(577,544

)

 

 

(575,504

)

 

 

(576,609

)

Total shareholders' equity (deficit)

 

 

(89,676

)

 

 

89,529

 

 

 

207,168

 

 

 

$

1,190,399

 

 

$

656,290

 

 

$

804,989

 

 

The accompanying notes are an integral part of these financial statements.

6


 

Pier 1 Imports, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

26 Weeks Ended

 

 

 

August 31,

 

 

September 1,

 

 

 

2019

 

 

2018

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(182,264

)

 

$

(79,591

)

Adjustments to reconcile to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

28,130

 

 

 

29,761

 

Non-cash lease expense

 

 

565

 

 

 

 

Stock-based compensation expense

 

 

918

 

 

 

1,380

 

Deferred compensation, net

 

 

280

 

 

 

1,477

 

Deferred income taxes

 

 

2,337

 

 

 

(21,419

)

Other

 

 

6,969

 

 

 

1,665

 

Changes in cash from:

 

 

 

 

 

 

 

 

Inventories

 

 

18,916

 

 

 

(39,343

)

Prepaid expenses and other assets

 

 

(3,471

)

 

 

(2,291

)

Accounts payable and other liabilities

 

 

18,802

 

 

 

115,327

 

Accrued income taxes payable, net of payments

 

 

(422

)

 

 

(2,461

)

Net cash provided by (used in) operating activities

 

 

(109,240

)

 

 

4,505

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(6,339

)

 

 

(25,643

)

Proceeds from disposition of properties

 

 

509

 

 

 

1,678

 

Proceeds from sale of restricted investments

 

 

2,226

 

 

 

2,411

 

Purchase of restricted investments

 

 

(749

)

 

 

(1,121

)

Net cash used in investing activities

 

 

(4,353

)

 

 

(22,675

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Stock purchase plan and other, net

 

 

516

 

 

 

712

 

Repayments of long-term debt

 

 

(1,000

)

 

 

(1,000

)

Borrowings under revolving line of credit

 

 

118,000

 

 

 

 

Repayments of borrowings under revolving line of credit

 

 

(63,000

)

 

 

 

Borrowings under company owned life insurance

 

 

14,244

 

 

 

 

Net cash provided by (used in) financing activities

 

 

68,760

 

 

 

(288

)

Effect of exchange rate changes on cash

 

 

(38

)

 

 

(152

)

Change in cash and cash equivalents

 

 

(44,871

)

 

 

(18,610

)

Cash and cash equivalents at beginning of period

 

 

54,878

 

 

 

135,379

 

Cash and cash equivalents at end of period

 

$

10,007

 

 

$

116,769

 

 

The accompanying notes are an integral part of these financial statements.

7


 

Pier 1 Imports, Inc.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)

(in thousands)

(unaudited)

 

For the 26 Weeks Ended August 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

Total

 

 

 

Outstanding

 

 

 

 

 

 

 

 

Paid-in

 

 

 

Retained

 

 

 

Comprehensive

 

 

 

Treasury

 

 

 

Shareholders'

 

 

 

Shares

 

 

 

Amount

 

 

 

Capital

 

 

 

Earnings

 

 

 

Income (Loss)

 

 

 

Stock

 

 

 

Equity (Deficit)

 

Balance March 2, 2019

 

 

4,281

 

 

 

$

6

 

 

$

 

138,469

 

 

 

$

534,419

 

 

 

$

(7,861

)

 

$

 

(575,504

)

 

 

$

89,529

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(182,264

)

 

 

 

 

 

 

 

 

 

 

 

(182,264

)

Cumulative effect of accounting change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,543

 

 

 

 

 

 

 

 

 

 

 

 

1,543

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

82

 

 

 

 

 

 

 

 

82

 

Stock-based compensation expense

 

 

(61

)

 

 

 

 

 

 

 

19,069

 

 

 

 

 

 

 

 

 

 

 

 

(18,151

)

 

 

 

918

 

Stock purchase plan and other

 

 

52

 

 

 

 

 

 

 

 

(15,595

)

 

 

 

 

 

 

 

 

 

 

 

16,111

 

 

 

 

516

 

Balance August 31, 2019

 

 

4,272

 

 

 

$

6

 

 

$

 

141,943

 

 

 

$

353,698

 

 

 

$

(7,779

)

 

$

 

(577,544

)

 

 

$

(89,676

)

 

 

For the 26 Weeks Ended September 1, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Outstanding

 

 

 

 

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Treasury

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income (Loss)

 

 

Stock

 

 

Equity

 

Balance March 3, 2018

 

 

4,163

 

 

$

6

 

 

$

168,543

 

 

$

726,232

 

 

$

(7,477

)

 

$

(609,734

)

 

$

277,570

 

Net loss

 

 

 

 

 

 

 

 

(79,591

)

 

 

 

 

 

 

(79,591

)

Cumulative effect of accounting change

 

 

 

 

 

 

 

 

7,020

 

 

 

 

 

 

 

7,020

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

77

 

 

 

 

 

77

 

Stock-based compensation expense

 

 

98

 

 

 

 

 

(25,791

)

 

 

 

 

 

 

27,171

 

 

 

1,380

 

Stock purchase plan and other

 

 

17

 

 

 

 

 

(5,242

)

 

 

 

 

 

 

5,954

 

 

 

712

 

Balance September 1, 2018

 

 

4,278

 

 

$

6

 

 

$

137,510

 

 

$

653,661

 

 

$

(7,400

)

 

$

(576,609

)

 

$

207,168

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8


 

Pier 1 Imports, Inc.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)

(in thousands)

(unaudited)

 

For the 13 Weeks Ended August 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Outstanding

 

 

 

 

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Treasury

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income (Loss)

 

 

Stock

 

 

Equity (Deficit)

 

Balance June 1, 2019

 

 

4,237

 

 

$

6

 

 

$

151,692

 

 

$

454,249

 

 

$

(8,411

)

 

$

(588,313

)

 

$

9,223

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(100,551

)

 

 

 

 

 

 

 

 

(100,551

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

632

 

 

 

 

 

 

632

 

Stock-based compensation expense

 

 

(3

)

 

 

 

 

 

1,534

 

 

 

 

 

 

 

 

 

(744

)

 

 

790

 

Stock purchase plan and other

 

 

38

 

 

 

 

 

 

(11,283

)

 

 

 

 

 

 

 

 

11,513

 

 

 

230

 

Balance August 31, 2019

 

 

4,272

 

 

$

6

 

 

$

141,943

 

 

$

353,698

 

 

$

(7,779

)

 

$

(577,544

)

 

$

(89,676

)

 

 

For the 13 Weeks Ended September 1, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Outstanding

 

 

 

 

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Treasury

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Stock

 

 

Equity

 

Balance June 2, 2018

 

 

4,124

 

 

$

6

 

 

$

180,644

 

 

$

704,749

 

 

$

(7,374

)

 

$

(621,237

)

 

$

256,788

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(51,088

)

 

 

 

 

 

 

 

 

(51,088

)

Other comprehensive loss