Pier 1 Imports, Inc. attributed its Q4 net profit decline, in part to extreme weather conditions across the U.S., as compared with the same quarter the previous year.
For the fourth quarter, the company recorded net income of $42.6 million, compared with $61.7 million for the 14-week period last year. On an adjusted basis, net profit, which utilized a 35.6% annual effective tax rate, was $64.2 million.
“Fiscal 2014 was a transformational year for Pier 1 Imports… we concluded the year with a difficult fourth quarter— due to an unusually high number of snowstorms which impacted approximately two-thirds of our selling days in many of our key markets,” Alex Smith, CEO of the company, said.
Net sales for the quarter declined to $515.79 million, from $551.6 million last year. Cost of sales was higher and the company recorded a lower income tax provision for the quarter.
Comparable-store sales for the 13-week period slid 4.6% compared with the period ended February 23, 2013. Adjusting for the shifted calendar in fiscal 2013, 13-week comparable store sales increased 0.6% from last year.
Looking ahead to the fiscal 2015, the company projects year over year growth of 15% to 23% in earnings per share. Comparable-store sales growth is expected in the mid single-digit range.