For the second quarter ended August 25, Pier 1 today reported GAAP net income of $26.2 million, or 24 cents per share. Non-GAAP income was $20.7 million, or 19 cents per share.
For the second quarter ended August 27, 2011, Pier 1 posted net income of $16.6 million, or 14 cents per share.
GAAP income included the tax benefit and reduced accrued interest resulting from the reversal of a portion of the company’s reserve for uncertain income tax positions. Adjusted non-GAAP incomes used an estimated annual effective tax rate of 35.6% and excluded the reversal of accrued interest.
A Thomson Reuters average analyst earnings per share estimate was 18 cents.
Second quarter comparable store sales increased 6.7% versus the prior-year second quarter. Total sales increased 8.3% to $367.6 million year over year.
“We are pleased to report our 12th consecutive quarter of strong comparable store sales gains and profit growth,” said Alex Smith, President and CEO. “Our sound strategies and focus on flawless execution ideally position the company to achieve continued growth and long-term success. Now, with the recent launch of the new e-commerce enabled Pier1.com, we have two powerful growth vehicles: our enhanced portfolio of 1,058 Pier 1 Imports stores and our new online business. The combination of our strong operating results and solid financial condition provide us with the flexibility to continue executing our three-year growth plan. We’re building our e-commerce platform, further improving the store portfolio, strengthening our infrastructure and returning value to our shareholders.”