Pier 1 Imports 10-Q 11 Jul 18 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 02, 2018	Jul. 06, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 2, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q1
Trading Symbol	PIR
Entity Registrant Name	PIER 1 IMPORTS INC/DE
Entity Central Index Key	278,130
Current Fiscal Year End Date	--03-02
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		85,674,803

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 02, 2018	May 27, 2017
Income Statement [Abstract]
Net sales	$ 371,864	$ 409,525
Cost of sales	251,725	257,928
Gross profit	120,139	151,597
Selling, general and administrative expenses	138,580	140,195
Depreciation	12,900	13,723
Operating loss	(31,341)	(2,321)
Nonoperating (income) and expenses:
Interest, investment income and other	(317)	(570)
Interest expense	3,550	3,048
Nonoperating (income) and expenses	3,233	2,478
Loss before income taxes	(34,574)	(4,799)
Income tax benefit	(6,071)	(1,813)
Net loss	$ (28,503)	$ (2,986)
Loss per share:
Basic	$ (0.36)	$ (0.04)
Diluted	(0.36)	(0.04)
Dividends declared per share	$ 0	$ 0.07
Average shares outstanding during period:
Basic	80,187	81,080
Diluted	80,187	81,080

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Jun. 02, 2018	May 27, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (28,503)	$ (2,986)
Other comprehensive income (loss)
Foreign currency translation adjustments	(229)	(835)
Pension adjustments	332	(57)
Other comprehensive income (loss)	103	(892)
Comprehensive loss, net of tax	$ (28,400)	$ (3,878)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 02, 2018	Mar. 03, 2018	May 27, 2017
Current assets:
Cash and cash equivalents, including temporary investments of $121,392, $115,456 and $152,978, respectively	$ 156,757	$ 135,379	$ 161,625
Accounts receivable, net	23,513	22,149	24,723
Inventories	329,747	347,440	418,424
Prepaid expenses and other current assets	48,136	48,794	31,464
Total current assets	558,153	553,762	636,236
Properties and equipment, net of accumulated depreciation of $567,522, $554,477 and $519,016, respectively	170,662	178,767	181,390
Other noncurrent assets	44,350	39,790	42,467
Assets, Total	773,165	772,319	860,093
Current liabilities:
Accounts payable	86,531	71,279	98,517
Gift cards and other deferred revenue	48,247	55,281	62,987
Accrued income taxes payable	3,048	2,301	25,635
Current portion of long-term debt	2,000	2,000	2,000
Other accrued liabilities	124,523	106,268	129,330
Total current liabilities	264,349	237,129	318,469
Long-term debt	197,608	197,906	198,781
Other noncurrent liabilities	54,420	59,714	62,085
Commitments and contingencies
Shareholders' equity:
Common stock, $0.001 par, 500,000,000 shares authorized, 125,232,000 issued	125	125	125
Paid-in capital	180,525	168,424	157,760
Retained earnings	704,749	726,232	728,268
Cumulative other comprehensive loss	(7,374)	(7,477)	(8,306)
Less -- 42,758,000, 41,974,000 and 40,208,000 common shares in treasury, at cost, respectively	(621,237)	(609,734)	(597,089)
Total shareholders' equity	256,788	277,570	280,758
Liabilities and Equity, Total	$ 773,165	$ 772,319	$ 860,093

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 02, 2018	Mar. 03, 2018	May 27, 2017
Statement Of Financial Position [Abstract]
Cash and cash equivalents, temporary investments	$ 121,392	$ 115,456	$ 152,978
Properties and equipment, accumulated depreciation	$ 567,522	$ 554,477	$ 519,016
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000	500,000,000
Common stock, shares issued	125,232,000	125,232,000	125,232,000
Treasury stock, shares	42,758,000	41,974,000	40,208,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jun. 02, 2018	May 27, 2017
Cash flows from operating activities:
Net loss	$ (28,503)	$ (2,986)
Adjustments to reconcile to net cash provided by operating activities:
Depreciation	14,897	15,786
Stock-based compensation expense	310	1,100
Deferred compensation, net	751	750
Deferred income taxes	(7,705)	(1,216)
Other	(64)	382
Changes in cash from:
Inventories	17,625	(17,448)
Prepaid expenses and other assets	1,064	(1,142)
Accounts payable and other liabilities	34,196	34,129
Accrued income taxes payable, net of payments	667	(423)
Net cash provided by operating activities	33,238	28,932
Cash flows from investing activities:
Capital expenditures	(12,159)	(13,567)
Proceeds from disposition of properties	36
Proceeds from sale of restricted investments	1,279	1,164
Purchase of restricted investments	(636)	(526)
Net cash used in investing activities	(11,480)	(12,929)
Cash flows from financing activities:
Cash dividends		(5,646)
Purchases of treasury stock		(2,827)
Stock purchase plan and other, net	288	135
Repayments of long-term debt	(500)	(500)
Net cash used in financing activities	(212)	(8,838)
Effect of exchange rate changes on cash	(168)
Change in cash and cash equivalents	21,378	7,165
Cash and cash equivalents at beginning of period	135,379	154,460
Cash and cash equivalents at end of period	$ 156,757	$ 161,625

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - 3 months ended Jun. 02, 2018 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Outstanding	Common Stock	Paid-in Capital	Retained Earnings	Cumulative Other Comprehensive Income (Loss)	Treasury Stock
Beginning Balance at Mar. 03, 2018	$ 277,570		$ 125	$ 168,424	$ 726,232	$ (7,477)	$ (609,734)
Beginning Balance, Common Stock at Mar. 03, 2018		83,258
Net loss	(28,503)				(28,503)
Cumulative effect of accounting change	7,020				7,020
Other comprehensive income	103					103
Stock-based compensation expense	310			14,285			(13,975)
Stock-based compensation expense (in shares)		(882)
Stock purchase plan and other	288			(2,184)			2,472
Stock purchase plan and other (in shares)		98
Ending Balance at Jun. 02, 2018	$ 256,788		$ 125	$ 180,525	$ 704,749	$ (7,374)	$ (621,237)
Ending Balance, Common Stock at Jun. 02, 2018		82,474

Loss Per Share

Loss Per Share	3 Months Ended
	Jun. 02, 2018
Earnings Per Share [Abstract]
Loss Per Share	NOTE 1 – LOSS PER SHARE Basic loss per share amounts were determined by dividing net loss by the weighted average number of common shares outstanding for the period. Outstanding stock options and shares of unvested restricted stock totaling 1,278,141 and 1,783,047 were excluded from the computation of diluted loss per share for the 13 weeks ended June 2, 2018 and May 27, 2017, respectively, as the effect would be antidilutive. Loss per share amounts were calculated as follows (in thousands except per share amounts): 13 Weeks Ended June 2, May 27, 2018 2017 Net loss $ (28,503 ) $ (2,986 ) Weighted average shares outstanding: Basic 80,187 81,080 Effect of dilutive stock options — — Effect of dilutive restricted stock — — Diluted 80,187 81,080 Loss per share: Basic $ (0.36 ) $ (0.04 ) Diluted $ (0.36 ) $ (0.04 )

Long-Term Debt and Available Cr

Long-Term Debt and Available Credit	3 Months Ended
	Jun. 02, 2018
Debt Disclosure [Abstract]
Long-Term Debt and Available Credit	NOTE 2 – LONG-TERM DEBT AND AVAILABLE CREDIT Revolving Credit Facility — The Company has a $350,000,000 secured revolving credit facility with a $150,000,000 accordion feature that matures on June 2, 2022 (“Revolving Credit Facility”). Credit extensions under the Revolving Credit Facility are limited to the lesser of $350,000,000 or the amount of the calculated borrowing base, as defined in the Revolving Credit Facility, which was $264,056,000 as of June 2, 2018. The Company had no cash borrowings and $40,881,000 in letters of credit and bankers’ acceptances outstanding under the Revolving Credit Facility, with $223,175,000 remaining available for cash borrowings, all as of June 2, 2018. At the Company’s option, borrowings will bear interest, payable quarterly or, if earlier, at the end of each interest period, at either (a) the adjusted LIBOR rate as defined in the Revolving Credit Facility plus a spread varying from 125 to 150 basis points per annum, depending on the amount then borrowed under the Revolving Credit Facility, or (b) the prime rate as defined in the Revolving Credit Facility plus a spread varying from 25 to 50 basis points per annum, depending on the amount then borrowed under the Revolving Credit Facility. Term Loan Facility — The Company has a senior secured term loan facility that matures on April 30, 2021 (“Term Loan Facility”). As of June 2, 2018, March 3, 2018 and May 27, 2017, the Company had $192,500,000, $193,000,000 and $194,500,000 outstanding, respectively, under the Term Loan Facility with carrying values of $190,195,000, $190,495,000 and $191,378,000, respectively, net of unamortized discounts and debt issuance costs. The fair value of the amount outstanding under the Term Loan Facility was approximately $179,628,000 as of June 2, 2018, which was measured at fair value using the quoted market price. The fair value measurement is classified as Level 2 in the fair value hierarchy based on the frequency and volume of trading for which the price was readily available. Level 2 inputs include quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.

Matters Concerning Shareholders

Matters Concerning Shareholders' Equity	3 Months Ended
	Jun. 02, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Matters Concerning Shareholders' Equity	NOTE 3 – MATTERS CONCERNING SHAREHOLDERS’ EQUITY For the 13 weeks ended June 2, 2018 and May 27, 2017, the Company recorded compensation expense related to restricted stock of $259,000 and $1,069,000, respectively. As of June 2, 2018, there was approximately $15,893,000 of total unrecognized compensation expense related to unvested restricted stock that may be recognized over a weighted average period of approximately 1.5 years if certain performance targets are achieved.

Income Tax

Income Tax	3 Months Ended
	Jun. 02, 2018
Income Tax Disclosure [Abstract]
Income Tax	NOTE 4 – INCOME TAX The income tax benefit for the first quarter of fiscal 2019 was $6,071,000, compared to $1,813,000 during the same period in the prior fiscal year. The increase in the income tax benefit was primarily due to the Company’s higher pre-tax loss generated in the first quarter of fiscal 2019 as compared to the first quarter of fiscal 2018. The effective tax rate for the first quarter of fiscal 2019 was 17.6%, compared to 37.8% in the same period during fiscal 2018. The lower effective tax rate for the first quarter of fiscal 2019 primarily relates to the lower statutory federal tax rate enacted by the 2017 Tax Cuts and Jobs Act (“Tax Act”). The statutory federal rate was 21% for the first quarter of fiscal 2019, compared to 35% for the first quarter of fiscal 2018. The effective tax rate of 17.6% for the first quarter of fiscal 2019 was lower than the statutory federal rate of 21% primarily due to certain executive compensation that is no longer deductible under changes made to Section 162(m) by the Tax Act and tax expense recorded for share-based compensation pursuant to Accounting Standards Codification (“ASC”) 718. As a result of the Company’s net loss in the first quarter of fiscal 2019, the non-deductible compensation under Section 162(m) and the income tax expense recorded for tax shortfalls under ASC 718 lowered the effective tax rate. As of June 2, 2018, the Company had total unrecognized tax benefits of $4,810,000, the majority of which, if recognized, would affect the Company’s effective tax rate. It is reasonably possible a significant portion of the Company’s gross unrecognized tax benefits could decrease within the next twelve months primarily due to settlements with certain taxing jurisdictions.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 02, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 5 – COMMITMENTS AND CONTINGENCIES Putative class action complaints were filed in the United States District Court for the Northern District of Texas – Dallas Division against Pier 1 Imports, Inc., Alexander W. Smith and Charles H. Turner in August and October 2015 alleging violations under the Securities Exchange Act of 1934, as amended. The lawsuits, which have been consolidated into a single action captioned Town of Davie Police Pension Plan, Plaintiff, v. Pier 1 Imports, Inc., Alexander W. Smith and Charles H. Turner, Defendants, were filed on behalf of a purported putative class of investors who purchased or otherwise acquired stock of Pier 1 Imports, Inc. between April 10, 2014 and December 17, 2015. The plaintiffs seek to recover damages purportedly caused by the Defendants' alleged violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint seeks certification as a class action, unspecified compensatory damages plus interest and attorneys' fees. On August 10, 2017, the court granted the Company’s motion to dismiss the complaint, while providing the plaintiffs an opportunity to replead their complaint. An amended complaint was filed with the court on September 25, 2017. On June 25, 2018, the court granted the Company’s motion to dismiss the amended complaint, with prejudice. It is not known whether the plaintiffs will appeal this ruling. Although the ultimate outcome of litigation cannot be predicted with certainty, the Company believes that this lawsuit is without merit and intends to defend against it vigorously. The Company announced in January 2016 a voluntary recall of its Swingasan Chair and Stand in cooperation with the Consumer Product Safety Commission (“CPSC”). In September 2016, the Company received a staff investigatory letter from the CPSC indicating that the CPSC would investigate whether the Company complied with certain reporting requirements of the Consumer Product Safety Act with respect to the recall. The Company responded to the inquiry and cooperated with the CPSC. On September 20, 2017, the Company received a letter from the CPSC proposing to resolve certain alleged violations of the Consumer Product Safety Act relating to the Swingasan recall on terms which would require, among other things, the payment of a civil money penalty. On October 27, 2017, the Company submitted its response to the CPSC letter. The Company disagrees with a number of the allegations and legal conclusions asserted by the CPSC and believes the requested civil money penalty is excessive in view of the circumstances. The CPSC has responded to the Company’s letter and generally declined to accept the Company’s position. The Company expects to enter settlement discussions with the CPSC during fiscal 2019. Given the nature of this matter and the uncertainty as to how and when it will be resolved, the Company believes that a reasonable estimate of the potential range of loss in connection with this matter is $2,000,000 to $6,200,000. While we anticipate that the final settlement will fall within the estimated range of outcomes, the final terms of the resolution of this matter cannot be predicted with certainty and no assurances can be given as to the specific amount that the Company may be required to pay. The Company is a defendant in lawsuits pending in federal courts in California containing various class action allegations under California state wage-and-hour laws. These lawsuits seek unspecified monetary damages, injunctive relief and attorneys’ fees. The Company sought to settle these cases on terms favorable to the Company in view of the claims made, the continuing cost of litigation and an assessment of the risk of an adverse trial court or appellate decision. The Company has settled or agreed to settle the pending cases, subject to completion of associated procedural requirements. The Company does not believe any reasonably foreseeable resolution of these matters will have a material adverse effect on the Company’s financial condition, results of operations or liquidity. The Company recognized expense of $6,600,000 in the second quarter of fiscal 2018 attributable to the legal and regulatory proceedings described in the two preceding paragraphs as a component of selling, general and administrative expenses. There are various other claims, lawsuits, inquiries, investigations and pending actions against the Company incident to the operation of its business. The Company considers these other matters to be ordinary and routine in nature. The Company maintains insurance against the consolidated class action described in the first paragraph in this Note and liability insurance against most of the other matters noted in this paragraph. It is the opinion of management, after consultation with counsel, that the ultimate resolution of such matters will not have a material adverse effect, either individually or in the aggregate, on the Company’s financial condition, results of operations or liquidity.

New Accounting Standards

New Accounting Standards	3 Months Ended
	Jun. 02, 2018
Accounting Changes And Error Corrections [Abstract]
New Accounting Standards	NOTE 6 – NEW ACCOUNTING STANDARDS Accounting Standards — ASU 2014-09 — Revenue from Contracts with Customers (Topic 606) Revenue Recognition — The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”, in the first quarter of fiscal 2019, using the modified retrospective approach. As a result, the Company recorded a cumulative adjustment to increase retained earnings and decrease gift cards and other deferred revenue by $9,444,000 ($7,020,000, net of tax) related to the acceleration in the timing of recognizing gift card breakage revenue. The Company will now recognize gift card breakage revenue over the expected redemption period rather than when the likelihood of redemption is remote. Revenue is recognized upon customer receipt or delivery for retail sales. A reserve has been established for estimated merchandise returns based upon historical experience and other known factors. The new standard required a change in the presentation of the reserve on the consolidated balance sheet, which was previously recorded net of the value of returned merchandise, but will now be presented on a gross basis. During the first quarter of fiscal 2019, the Company recorded an adjustment of $2,216,000 to present the reserve on a gross basis, with an offset recorded to other current assets. The gross reserve for estimated merchandise returns at June 2, 2018 was $5,457,000. The Company’s revenues are reported net of discounts and returns, net of sales tax, and include wholesale sales and royalties. Amounts charged to customers for shipping and handling are included in net sales. Disaggregated Revenues — Net sales consisted almost entirely of sales to retail customers, net of discounts and returns, but also included delivery revenues, wholesale sales and royalties, and gift card breakage. Net sales during the 13 weeks ended June 2, 2018 and May 27, 2017 were as follows (in thousands): 13 Weeks Ended June 2, May 27, 2018 2017 Retail sales $ 368,993 $ 406,663 Other (1) 2,871 2,862 Net sales $ 371,864 $ 409,525 (1) The Company supplies merchandise and licenses the Pier 1 Imports name to Grupo Sanborns, which sells Pier 1 Imports merchandise primarily in a "store within a store" format in Mexico and El Salvador and online in Mexico. Other sales consisted primarily of these wholesale sales and royalties received from Grupo Sanborns, as well as gift card breakage. ASU 2016-15 — Statement of Cash Flows (Topic 230) In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230).” ASU 2016-16 — Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.” ASU 2016-18 — Statement of Cash Flows (Topic 230) — Restricted Cash In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230) — Restricted Cash.” ASU 2017-07 — Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued ASU 2017-07, “Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” ASU 2017-09 — Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting In May 2017, the FASB issued ASU 2017-09, “ Scope of Modification Accounting. adoption Accounting Standards — ASU 2016-02 — Leases (Topic 842) In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” ASU 2018-02 — Income Statement Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU 2018-02, “ Income Statement Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.

New Accounting Standards (Polic

New Accounting Standards (Policies)	3 Months Ended
	Jun. 02, 2018
Accounting Changes And Error Corrections [Abstract]
New Accounting Standards	Accounting Standards — ASU 2014-09 — Revenue from Contracts with Customers (Topic 606) Revenue Recognition — The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”, in the first quarter of fiscal 2019, using the modified retrospective approach. As a result, the Company recorded a cumulative adjustment to increase retained earnings and decrease gift cards and other deferred revenue by $9,444,000 ($7,020,000, net of tax) related to the acceleration in the timing of recognizing gift card breakage revenue. The Company will now recognize gift card breakage revenue over the expected redemption period rather than when the likelihood of redemption is remote. Revenue is recognized upon customer receipt or delivery for retail sales. A reserve has been established for estimated merchandise returns based upon historical experience and other known factors. The new standard required a change in the presentation of the reserve on the consolidated balance sheet, which was previously recorded net of the value of returned merchandise, but will now be presented on a gross basis. During the first quarter of fiscal 2019, the Company recorded an adjustment of $2,216,000 to present the reserve on a gross basis, with an offset recorded to other current assets. The gross reserve for estimated merchandise returns at June 2, 2018 was $5,457,000. The Company’s revenues are reported net of discounts and returns, net of sales tax, and include wholesale sales and royalties. Amounts charged to customers for shipping and handling are included in net sales. Disaggregated Revenues — Net sales consisted almost entirely of sales to retail customers, net of discounts and returns, but also included delivery revenues, wholesale sales and royalties, and gift card breakage. Net sales during the 13 weeks ended June 2, 2018 and May 27, 2017 were as follows (in thousands): 13 Weeks Ended June 2, May 27, 2018 2017 Retail sales $ 368,993 $ 406,663 Other (1) 2,871 2,862 Net sales $ 371,864 $ 409,525 (1) The Company supplies merchandise and licenses the Pier 1 Imports name to Grupo Sanborns, which sells Pier 1 Imports merchandise primarily in a "store within a store" format in Mexico and El Salvador and online in Mexico. Other sales consisted primarily of these wholesale sales and royalties received from Grupo Sanborns, as well as gift card breakage. ASU 2016-15 — Statement of Cash Flows (Topic 230) In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230).” ASU 2016-16 — Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.” ASU 2016-18 — Statement of Cash Flows (Topic 230) — Restricted Cash In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230) — Restricted Cash.” ASU 2017-07 — Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued ASU 2017-07, “Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” ASU 2017-09 — Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting In May 2017, the FASB issued ASU 2017-09, “ Scope of Modification Accounting. adoption Accounting Standards — ASU 2016-02 — Leases (Topic 842) In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” ASU 2018-02 — Income Statement Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued ASU 2018-02, “ Income Statement Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Jun. 02, 2018
Earnings Per Share [Abstract]
Calculation of Loss Per Share Amounts	Loss per share amounts were calculated as follows (in thousands except per share amounts): 13 Weeks Ended June 2, May 27, 2018 2017 Net loss $ (28,503 ) $ (2,986 ) Weighted average shares outstanding: Basic 80,187 81,080 Effect of dilutive stock options — — Effect of dilutive restricted stock — — Diluted 80,187 81,080 Loss per share: Basic $ (0.36 ) $ (0.04 ) Diluted $ (0.36 ) $ (0.04 )

New Accounting Standards (Table

New Accounting Standards (Tables)	3 Months Ended
	Jun. 02, 2018
Revenue From Contract With Customer [Abstract]
Summary of Net Sales	Net sales during the 13 weeks ended June 2, 2018 and May 27, 2017 were as follows (in thousands): 13 Weeks Ended June 2, May 27, 2018 2017 Retail sales $ 368,993 $ 406,663 Other (1) 2,871 2,862 Net sales $ 371,864 $ 409,525 (1) The Company supplies merchandise and licenses the Pier 1 Imports name to Grupo Sanborns, which sells Pier 1 Imports merchandise primarily in a "store within a store" format in Mexico and El Salvador and online in Mexico. Other sales consisted primarily of these wholesale sales and royalties received from Grupo Sanborns, as well as gift card breakage.

Loss Per Share - Additional Inf

Loss Per Share - Additional Information (Detail) - shares	3 Months Ended
	Jun. 02, 2018	May 27, 2017
Earnings Per Share [Abstract]
Outstanding stock options and shares excluded from computation of diluted loss per share	1,278,141	1,783,047

Calculation of Loss Per Share A

Calculation of Loss Per Share Amounts (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 02, 2018	May 27, 2017
Earnings Per Share Disclosure [Line Items]
Net loss	$ (28,503)	$ (2,986)
Basic	80,187	81,080
Diluted	80,187	81,080
Basic	$ (0.36)	$ (0.04)
Diluted	$ (0.36)	$ (0.04)

Long-Term Debt and Available 19

Long-Term Debt and Available Credit - Additional Information (Detail) - USD ($)	3 Months Ended
	Jun. 02, 2018	Mar. 03, 2018	May 27, 2017
Term Loan Facility
Debt Instrument [Line Items]
Borrowings under term loan facility	$ 192,500,000	$ 193,000,000	$ 194,500,000
Carrying value of long term debt	190,195,000	$ 190,495,000	$ 191,378,000
Term Loan Facility | Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Fair value of term loan facility	179,628,000
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility , maximum borrowing capacity	350,000,000
Credit facility accordion feature	$ 150,000,000
Extended maturity date of revolving credit facility	Jun. 2, 2022
Credit facility borrowing base	$ 264,056,000
Borrowings outstanding	0
Remaining borrowing	$ 223,175,000
Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis points	1.25%
Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis points	1.50%
Revolving Credit Facility | Prime Rate | Minimum
Debt Instrument [Line Items]
Basis points	0.25%
Revolving Credit Facility | Prime Rate | Maximum
Debt Instrument [Line Items]
Basis points	0.50%
Letters of Credit And Bankers' Acceptances
Debt Instrument [Line Items]
Borrowings outstanding	$ 40,881,000

Matters Concerning Shareholde20

Matters Concerning Shareholders' Equity - Additional Information (Detail) - Restricted Stock Awards - USD ($) $ in Thousands	3 Months Ended
	Jun. 02, 2018	May 27, 2017
Share Based Compensation Arrangements And Share Repurchase Plan [Line Items]
Recorded stock-based compensation expense	$ 259	$ 1,069
Total unrecognized compensation expense related to unvested stock option awards	$ 15,893
Weighted average period for recognizing unrecognized compensation expense, in years	1 year 6 months

Income Tax - Additional Informa

Income Tax - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jun. 02, 2018	May 27, 2017
Income Tax Disclosure [Abstract]
Income tax benefit	$ 6,071	$ 1,813
Effective tax rate	17.60%	37.80%
Statutory federal income tax rate	21.00%	35.00%
Unrecognized tax benefits	$ 4,810

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended
	Aug. 26, 2017	Jun. 02, 2018
Selling, General and Administrative Expenses
Commitments and Contingencies Disclosure [Line Items]
Legal and regulatory expenses	$ 6,600,000
Swingasan Chair and Stand | Voluntary Product Recall | Minimum
Commitments and Contingencies Disclosure [Line Items]
Estimate of potential loss		$ 2,000,000
Swingasan Chair and Stand | Voluntary Product Recall | Maximum
Commitments and Contingencies Disclosure [Line Items]
Estimate of potential loss		$ 6,200,000

New Accounting Standards - Addi

New Accounting Standards - Additional Information (Detail) $ in Thousands	3 Months Ended
	Jun. 02, 2018USD ($)
Change In Accounting Estimate [Line Items]
Cumulative effect on retained earnings and decrease gift cards and other deferred revenue net of tax	$ 7,020
ASU 2014-09
Change In Accounting Estimate [Line Items]
Cumulative effect on retained earnings and decrease gift cards and other deferred revenue before tax	9,444
Cumulative effect on retained earnings and decrease gift cards and other deferred revenue net of tax	7,020
Gross reserve for estimated merchandise returns	5,457
Adjustment to present the reserve on gross basis	$ 2,216

New Accounting Standards - Summ

New Accounting Standards - Summary of Net Sales (Detail) - USD ($) $ in Thousands		3 Months Ended
		Jun. 02, 2018	May 27, 2017
Disaggregation Of Revenue [Line Items]
Net sales		$ 371,864	$ 409,525
ASU 2014-09
Disaggregation Of Revenue [Line Items]
Net sales		371,864	409,525
Retail Sales | ASU 2014-09
Disaggregation Of Revenue [Line Items]
Net sales		368,993	406,663
Other | ASU 2014-09
Disaggregation Of Revenue [Line Items]
Net sales	[1]	$ 2,871	$ 2,862
[1]	The Company supplies merchandise and licenses the Pier 1 Imports name to Grupo Sanborns, which sells Pier 1 Imports merchandise primarily in a "store within a store" format in Mexico and El Salvador and online in Mexico. Other sales consisted primarily of these wholesale sales and royalties received from Grupo Sanborns, as well as gift card breakage.