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Business Description
Pier 1 Imports, Inc. is a specialty retailer that operates three chains of retail stores operating under the names Pier 1 Imports, The Pier and Cargokids. The Company sells a variety of furniture, decorative home furnishings, dining and kitchen goods, bath and bedding accessories and other specialty items for the home. During the fiscal year ended February 28, 2004 (fiscal 2003), it operated 1,015 Pier 1 stores in the United States and 68 Pier 1 stores in Canada, and also supported eight franchised stores in the United States. In addition, it operated 29 stores located in the United Kingdom under the name The Pier and 40 Cargokids stores located in the United States. Pier 1 also supplies merchandise, and licenses the Pier 1 Imports name to Sears Mexico and Sears Puerto Rico, which sells Pier 1 merchandise in a store within a store format in 20 Sears Mexico stores and in seven Sears Puerto Rico stores.

Financial Information
For the nine months ended 11/27/04, revenues increased 4% to $1.37 billion. Net income decreased 40% to $41.7 million. Revenues benefitted from the addition of new stores. Earnings were offset by a decrease in gross profits due to increased promotional discounts, and increased administrative expenses.