Pier 1 Imports, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended March 3, 2018. For the fourteen weeks, the company reported net sales of $512,229,000 against $528,352,000 a year ago. Operating income was $27,882,000 against $44,756,000 a year ago. Income before income taxes was $25,526,000 against $42,653,000 a year ago. Net income was $15,054,000 or $0.19 per basic and diluted share against $26,641,000 or $0.33 per basic and diluted share a year ago. EBITDA (non-GAAP) was $41.5 million against $58.5 million a year ago. Adjusted EBITDA (non-GAAP) was $41.5 million against $60.4 million a year ago. Adjusted net income (non-GAAP) was $16.6 million against $27.8 million a year ago. Adjusted earnings per share (non-GAAP) were $0.21 against $0.34 a year ago.

For the fifty three weeks, the company reported net sales of $1,798,522,000 against $1,828,446,000 a year ago. Operating income was $27,669,000 against $54,862,000 a year ago. Income before income taxes was $17,897,000 against $45,259,000 a year ago. Net income was $11,626,000 or $0.14 per basic and diluted share against $30,129,000 or $0.37 per basic and diluted share a year ago. Net cash provided by operating activities was $65,806,000 against $115,738,000 a year ago. Capital expenditures were $53,249,000 against $44,181,000 a year ago. EBITDA (non-GAAP) was $82.7 million against $110.6 million a year ago. Adjusted EBITDA (non-GAAP) was $89.3 million against $120.4 million a year ago. Adjusted net income (non-GAAP) was $16.8 million against $35.7 million a year ago. Adjusted earnings per share (non-GAAP) were $0.21 against $0.44 a year ago.

For the first quarter of fiscal year ending March 2, 2019, the company expects company comparable sales - negative from 8.0% to negative 7.0%, net loss (GAAP) from $33 million to $30 million, LBITDA (non-GAAP) from $24 million to $20 million and loss per share (GAAP) from $0.41 to $0.37.

For the fiscal year ending March 2, 2019, the company will be investing in the tools and resources needed to execute against the plan. These investments will pressure profitability in the near-term, bringing to an expected net loss for the full year in fiscal 2019, but are expected to drive sales growth and profitability in fiscal 2020 and 2021 and are necessary to help its return the business to a sustainable growth trajectory. Comparable sales - from 1.5% to 2.5%, net loss (GAAP) from $29 million to $14 million, EBITDA (non-GAAP) from $30 million to $50 million and loss per share (GAAP) from $0.36 to $0.17.