PIER 1 IMPORTS INC/DE

CIK:0000278130|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2019	Dec. 01, 2018	Nov. 30, 2019	Dec. 01, 2018
Income Statement [Abstract]
Net sales	$ 358,416	$ 413,232	$ 977,330	$ 1,140,432
Cost of sales	248,146	282,740	737,402	796,295
Gross profit	110,270	130,492	239,928	344,137
Selling, general and administrative expenses	151,405	147,012	426,259	428,741
Depreciation	12,176	12,423	36,600	38,146
Operating loss	(53,311)	(28,943)	(222,931)	(122,750)
Nonoperating (income) and expenses:
Interest, investment income and other	(191)	96	(549)	(1,067)
Interest expense	5,586	3,526	15,883	10,670
Nonoperating (income) and expenses	5,395	3,622	15,334	9,603
Loss before income taxes	(58,706)	(32,565)	(238,265)	(132,353)
Income tax provision (benefit)	250	17,876	2,955	(2,321)
Net loss	$ (58,956)	$ (50,441)	$ (241,220)	$ (130,032)
Loss per share:
Basic	$ (14.15)	$ (12.49)	$ (58.36)	$ (32.31)
Diluted	$ (14.15)	$ (12.49)	$ (58.36)	$ (32.31)
Average shares outstanding during period:
Basic	4,168	4,039	4,133	4,025
Diluted	4,168	4,039	4,133	4,025

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2019	Dec. 01, 2018
Cash flows from operating activities:
Net loss	$ (241,220)	$ (130,032)
Adjustments to reconcile to net cash used in operating activities:
Depreciation	42,097	44,121
Non-cash operating lease expense	2,665
Right-of-use asset impairment	10,629
Fixed asset impairment	8,103	0
Stock-based compensation expense	1,847	2,266
Deferred compensation, net	380	2,065
Deferred income taxes	2,337	(1,361)
Other	5,192	1,486
Changes in cash from:
Inventories	18,681	(41,257)
Prepaid expenses and other assets	(15,342)	(18,210)
Accounts payable and other liabilities	19,051	104,888
Accrued income taxes payable, net of payments	(277)	(2,313)
Net cash used in operating activities	(145,857)	(38,347)
Cash flows from investing activities:
Capital expenditures	(10,060)	(31,466)
Proceeds from disposition of properties	627	1,732
Proceeds from sale of restricted investments	2,985	11,236
Purchase of restricted investments	(804)	(6,605)
Net cash used in investing activities	(7,252)	(25,103)
Cash flows from financing activities:
Stock purchase plan and other, net	554	1,104
Repayments of long-term debt	(1,500)	(1,500)
Borrowings under revolving line of credit	251,000
Repayments of borrowings under revolving line of credit	(155,000)
Borrowings under company owned life insurance	14,246
Net cash provided by (used in) financing activities	109,300	(396)
Effect of exchange rate changes on cash	8	(424)
Change in cash and cash equivalents	(43,801)	(64,270)
Cash and cash equivalents at beginning of period	54,878	135,379
Cash and cash equivalents at end of period	$ 11,077	$ 71,109

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2019	Mar. 02, 2019	Dec. 01, 2018
Current assets:
Cash and cash equivalents, including temporary investments of $2,727, $49,532 and $63,330, respectively	$ 11,077	$ 54,878	$ 71,109
Accounts receivable, net	36,489	21,189	36,283
Inventories	328,916	347,584	388,275
Prepaid expenses and other current assets	50,103	49,876	56,656
Total current assets	426,585	473,527	552,323
Properties and equipment, net of accumulated depreciation of $586,592, $556,426 and $551,065, respectively	106,260	149,356	159,705
Operating lease right-of-use assets	588,573
Other noncurrent assets	28,821	33,407	33,264
Assets, Total	1,150,239	656,290	745,292
Current liabilities:
Accounts payable	144,972	121,969	172,744
Gift cards and other deferred revenue	36,709	37,655	44,028
Borrowings under revolving line of credit	96,000
Accrued income taxes payable	24	302
Current portion of long-term debt	2,875	2,000	2,000
Current portion of operating lease liabilities	146,931
Other accrued liabilities	106,268	107,539	118,236
Total current liabilities	533,779	269,465	337,008
Long-term debt	258,254	245,624	197,011
Long-term operating lease liabilities	487,872
Other noncurrent liabilities	18,032	51,672	54,087
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	141,875	138,469	149,044
Retained earnings	294,742	534,419	603,220
Cumulative other comprehensive loss	(7,812)	(7,861)	(8,219)
Less -- 1,986,000, 1,981,000 and 2,019,000 common shares in treasury, at cost, respectively	(576,509)	(575,504)	(586,865)
Total shareholders' equity (deficit)	(147,698)	89,529	157,186
Liabilities and Equity, Total	$ 1,150,239	$ 656,290	$ 745,292