Pier 1 Imports 10-Q 10 Oct 18 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 01, 2018	Oct. 05, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 1, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q2
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 Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		85,215,294

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 01, 2018	Aug. 26, 2017	Sep. 01, 2018	Aug. 26, 2017
Income Statement [Abstract]
Net sales	$ 355,336	$ 407,607	$ 727,200	$ 817,132
Cost of sales	261,830	267,443	513,555	525,371
Gross profit	93,506	140,164	213,645	291,761
Selling, general and administrative expenses	143,149	138,087	281,729	278,282
Depreciation	12,823	13,417	25,723	27,140
Operating loss	(62,466)	(11,340)	(93,807)	(13,661)
Nonoperating (income) and expenses:
Interest, investment income and other	(846)	(408)	(1,163)	(978)
Interest expense	3,594	2,983	7,144	6,031
Nonoperating (income) and expenses	2,748	2,575	5,981	5,053
Loss before income taxes	(65,214)	(13,915)	(99,788)	(18,714)
Income tax benefit	(14,126)	(6,092)	(20,197)	(7,905)
Net loss	$ (51,088)	$ (7,823)	$ (79,591)	$ (10,809)
Loss per share:
Basic	$ (0.63)	$ (0.10)	$ (0.99)	$ (0.13)
Diluted	$ (0.63)	(0.10)	(0.99)	(0.13)
Dividends declared per share		$ 0.07	$ 0	$ 0.14
Average shares outstanding during period:
Basic	80,554	80,350	80,371	80,715
Diluted	80,554	80,350	80,371	80,715

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 01, 2018	Aug. 26, 2017	Sep. 01, 2018	Aug. 26, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (51,088)	$ (7,823)	$ (79,591)	$ (10,809)
Other comprehensive income (loss)
Foreign currency translation adjustments	(32)	2,505	(261)	1,670
Pension adjustments	6	(56)	338	(113)
Other comprehensive income (loss)	(26)	2,449	77	1,557
Comprehensive loss, net of tax	$ (51,114)	$ (5,374)	$ (79,514)	$ (9,252)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 01, 2018	Mar. 03, 2018	Aug. 26, 2017
Current assets:
Cash and cash equivalents, including temporary investments of $89,208, $115,456 and $29,705, respectively	$ 116,769	$ 135,379	$ 34,945
Accounts receivable, net	24,183	22,149	22,263
Inventories	386,691	347,440	457,337
Prepaid expenses and other current assets	51,797	48,794	51,905
Total current assets	579,440	553,762	566,450
Properties and equipment, net of accumulated depreciation of $578,476, $554,477 and $533,178, respectively	168,089	178,767	178,471
Other noncurrent assets	57,460	39,790	37,515
Assets, Total	804,989	772,319	782,436
Current liabilities:
Accounts payable	181,486	71,279	87,171
Gift cards and other deferred revenue	43,388	55,281	56,456
Accrued income taxes payable		2,301
Current portion of long-term debt	2,000	2,000	2,000
Other accrued liabilities	117,755	106,268	108,349
Total current liabilities	344,629	237,129	253,976
Long-term debt	197,310	197,906	198,485
Other noncurrent liabilities	55,882	59,714	64,851
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	137,391	168,424	157,574
Retained earnings	653,661	726,232	714,870
Cumulative other comprehensive loss	(7,400)	(7,477)	(5,857)
Less -- 39,684,000, 41,974,000 and 41,469,000 common shares in treasury, at cost, respectively	(576,609)	(609,734)	(601,588)
Total shareholders' equity	207,168	277,570	265,124
Liabilities and Equity, Total	$ 804,989	$ 772,319	$ 782,436

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 01, 2018	Mar. 03, 2018	Aug. 26, 2017
Statement Of Financial Position [Abstract]
Cash and cash equivalents, temporary investments	$ 89,208	$ 115,456	$ 29,705
Properties and equipment, accumulated depreciation	$ 578,476	$ 554,477	$ 533,178
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	39,684,000	41,974,000	41,469,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 01, 2018	Aug. 26, 2017
Cash flows from operating activities:
Net loss	$ (79,591)	$ (10,809)
Adjustments to reconcile to net cash provided by (used in) operating activities:
Depreciation	29,761	31,011
Stock-based compensation expense	1,380	2,544
Deferred compensation, net	1,477	1,301
Deferred income taxes	(21,419)	7,058
Other	1,665	2,790
Changes in cash from:
Inventories	(39,343)	(56,361)
Prepaid expenses and other assets	(2,291)	(19,664)
Accounts payable and other liabilities	115,327	(5,470)
Accrued income taxes payable, net of payments	(2,461)	(26,058)
Net cash provided by (used in) operating activities	4,505	(73,658)
Cash flows from investing activities:
Capital expenditures	(25,643)	(25,174)
Proceeds from disposition of properties	1,678	7
Proceeds from sale of restricted investments	2,411	26,762
Purchase of restricted investments	(1,121)	(25,153)
Net cash used in investing activities	(22,675)	(23,558)
Cash flows from financing activities:
Cash dividends		(11,221)
Purchases of treasury stock		(9,679)
Stock purchase plan and other, net	712	861
Repayments of long-term debt	(1,000)	(1,000)
Debt issuance costs		(1,260)
Net cash used in financing activities	(288)	(22,299)
Effect of exchange rate changes on cash	(152)
Change in cash and cash equivalents	(18,610)	(119,515)
Cash and cash equivalents at beginning of period	135,379	154,460
Cash and cash equivalents at end of period	$ 116,769	$ 34,945

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - 6 months ended Sep. 01, 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	(79,591)				(79,591)
Cumulative effect of accounting change	7,020				7,020
Other comprehensive income	77					77
Stock-based compensation expense	1,380			(25,791)			27,171
Stock-based compensation expense (in shares)		1,955
Stock purchase plan and other	712			(5,242)			5,954
Stock purchase plan and other (in shares)		335
Ending Balance at Sep. 01, 2018	$ 207,168		$ 125	$ 137,391	$ 653,661	$ (7,400)	$ (576,609)
Ending Balance, Common Stock at Sep. 01, 2018		85,548

Loss Per Share

Loss Per Share	6 Months Ended
	Sep. 01, 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 2,662,000 and 1,970,000 were excluded from the computation of diluted loss per share for the 13 and 26 weeks ended September 1, 2018, respectively, as the effect would be antidilutive. Outstanding stock options and shares of unvested restricted stock totaling 1,781,000 and 1,782,000 were excluded from the computation of diluted loss per share for the 13 and 26 weeks ended August 26, 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 26 Weeks Ended September 1, August 26, September 1, August 26, 2018 2017 2018 2017 Net loss $ (51,088 ) $ (7,823 ) $ (79,591 ) $ (10,809 ) Weighted average shares outstanding: Basic 80,554 80,350 80,371 80,715 Effect of dilutive stock options — — — — Effect of dilutive restricted stock — — — — Diluted 80,554 80,350 80,371 80,715 Loss per share: Basic $ (0.63 ) $ (0.10 ) $ (0.99 ) $ (0.13 ) Diluted $ (0.63 ) $ (0.10 ) $ (0.99 ) $ (0.13 )

Long-Term Debt and Available Cr

Long-Term Debt and Available Credit	6 Months Ended
	Sep. 01, 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 $291,315,000 as of September 1, 2018. The Company had no cash borrowings and $40,641,000 in letters of credit and bankers’ acceptances outstanding under the Revolving Credit Facility, with $250,673,000 remaining available for cash borrowings, all as of September 1, 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 September 1, 2018, March 3, 2018 and August 26, 2017, the Company had $192,000,000, $193,000,000 and $194,000,000 outstanding, respectively, under the Term Loan Facility with carrying values of $189,894,000, $190,495,000 and $191,079,000, respectively, net of unamortized discounts and debt issuance costs. The fair value of the amount outstanding under the Term Loan Facility was approximately $165,360,000 as of September 1, 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	6 Months Ended
	Sep. 01, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Matters Concerning Shareholders' Equity	NOTE 3 – MATTERS CONCERNING SHAREHOLDERS’ EQUITY For the 13 and 26 weeks ended September 1, 2018, the Company recorded compensation expense related to restricted stock of $1,005,000 and $1,264,000, respectively. For the 13 and 26 weeks ended August 26, 2017, the Company recorded compensation expense related to restricted stock of $1,390,000 and $2,460,000, respectively. As of September 1, 2018, there was approximately $21,331,000 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. During the second quarter of fiscal 2019, the Company awarded 2,958,373 shares of restricted stock. A total of 1,134,773 shares were time based and will vest ratably over a three-year service period. The Company began expensing these shares during the second quarter of fiscal 2019. The remaining shares are performance based and may vest following the end of fiscal 2021 if the Company achieves certain performance targets as determined by the Compensation Committee of the Board of Directors. The Company began expensing the performance-based shares awarded during the second quarter when the performance metric was established. The time-based and performance-based shares have a grant date fair value of $2.38, which was determined based on the closing stock price at the time of the grant. The Company awarded 290,904 of restricted stock units to the Board of Directors during the second quarter of fiscal 2019. The restricted stock units are time based and will be expensed ratably over a one-year service period. The time-based units have a grant date fair value of $2.97, which was determined based on the closing stock price at the time of the grant. The Company began expensing these units during the second quarter of fiscal 2019.

Income Tax

Income Tax	6 Months Ended
	Sep. 01, 2018
Income Tax Disclosure [Abstract]
Income Tax	NOTE 4 – INCOME TAX The income tax benefit for the second quarter of fiscal 2019 was $14,126,000, compared to $6,092,000 during the same period in the prior fiscal year. The effective tax rate for the second quarter of fiscal 2019 was 21.7%, compared to 43.8% in the same period during fiscal 2018. The income tax benefit for the first half of fiscal 2019 was $20,197,000, compared to $7,905,000 during the same period in the prior fiscal year. The effective tax rate for the first half of fiscal 2019 was 20.2%, compared to 42.2% in the same period during fiscal 2018. The increase in the income tax benefit was primarily due to the Company’s higher pre-tax losses generated in the second quarter and first half of fiscal 2019 as compared to the same periods last year. The lower effective tax rates for the second quarter and first half of fiscal 2019 primarily relate to the lower statutory federal tax rate enacted by the 2017 Tax Cuts and Jobs Act (“Tax Act”) and the impact of certain non-deductible items recognized in the second quarter of fiscal 2018, including the Consumer Product Safety Commission (“CPSC”) matter referenced in Note 5 - Commitments and Contingencies As of September 1, 2018, the Company had total unrecognized tax benefits of $4,941,000, 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	6 Months Ended
	Sep. 01, 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. On July 25, 2018, the plaintiffs filed a notice of appeal. 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 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 into 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 the Company anticipates 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	6 Months Ended
	Sep. 01, 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 is now 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 September 1, 2018 was $5,773,000. 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. For the 13 and 26 weeks ended September 1, 2018, the Company recognized revenue of $3,276,000 and $8,610,000 for gift card redemptions. These amounts were previously included in gift cards and other deferred revenue on the Company’s consolidated balance sheet as of March 3, 2018. 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 and 26 weeks ended September 1, 2018 and August 26, 2017 were as follows (in thousands): 13 Weeks Ended 26 Weeks Ended September 1, August 26, September 1, August 26, 2018 2017 2018 2017 Retail sales $ 352,800 $ 403,816 $ 721,793 $ 810,479 Other (1) 2,536 3,791 5,407 6,653 Net sales $ 355,336 $ 407,607 $ 727,200 $ 817,132 (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),” “Codification Improvements to Topic 842, Leases,” “Leases (Topic 842): Targeted Improvements,” 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. ASU 2018-14 — Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14, “Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans,” ASU 2018-15 — I ntangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued ASU 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,”

New Accounting Standards (Polic

New Accounting Standards (Policies)	6 Months Ended
	Sep. 01, 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 is now 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 September 1, 2018 was $5,773,000. 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. For the 13 and 26 weeks ended September 1, 2018, the Company recognized revenue of $3,276,000 and $8,610,000 for gift card redemptions. These amounts were previously included in gift cards and other deferred revenue on the Company’s consolidated balance sheet as of March 3, 2018. 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 and 26 weeks ended September 1, 2018 and August 26, 2017 were as follows (in thousands): 13 Weeks Ended 26 Weeks Ended September 1, August 26, September 1, August 26, 2018 2017 2018 2017 Retail sales $ 352,800 $ 403,816 $ 721,793 $ 810,479 Other (1) 2,536 3,791 5,407 6,653 Net sales $ 355,336 $ 407,607 $ 727,200 $ 817,132 (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),” “Codification Improvements to Topic 842, Leases,” “Leases (Topic 842): Targeted Improvements,” 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. ASU 2018-14 — Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU 2018-14, “Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans,” ASU 2018-15 — I ntangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued ASU 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,”

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Sep. 01, 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 26 Weeks Ended September 1, August 26, September 1, August 26, 2018 2017 2018 2017 Net loss $ (51,088 ) $ (7,823 ) $ (79,591 ) $ (10,809 ) Weighted average shares outstanding: Basic 80,554 80,350 80,371 80,715 Effect of dilutive stock options — — — — Effect of dilutive restricted stock — — — — Diluted 80,554 80,350 80,371 80,715 Loss per share: Basic $ (0.63 ) $ (0.10 ) $ (0.99 ) $ (0.13 ) Diluted $ (0.63 ) $ (0.10 ) $ (0.99 ) $ (0.13 )

New Accounting Standards (Table

New Accounting Standards (Tables)	6 Months Ended
	Sep. 01, 2018
Revenue From Contract With Customer [Abstract]
Summary of Net Sales	Net sales during the 13 and 26 weeks ended September 1, 2018 and August 26, 2017 were as follows (in thousands): 13 Weeks Ended 26 Weeks Ended September 1, August 26, September 1, August 26, 2018 2017 2018 2017 Retail sales $ 352,800 $ 403,816 $ 721,793 $ 810,479 Other (1) 2,536 3,791 5,407 6,653 Net sales $ 355,336 $ 407,607 $ 727,200 $ 817,132 (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		6 Months Ended
	Sep. 01, 2018	Aug. 26, 2017	Sep. 01, 2018	Aug. 26, 2017
Earnings Per Share [Abstract]
Outstanding stock options and shares excluded from computation of diluted loss per share	2,662,000	1,781,000	1,970,000	1,782,000

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		6 Months Ended
	Sep. 01, 2018	Aug. 26, 2017	Sep. 01, 2018	Aug. 26, 2017
Earnings Per Share Disclosure [Line Items]
Net loss	$ (51,088)	$ (7,823)	$ (79,591)	$ (10,809)
Basic	80,554	80,350	80,371	80,715
Diluted	80,554	80,350	80,371	80,715
Basic	$ (0.63)	$ (0.10)	$ (0.99)	$ (0.13)
Diluted	$ (0.63)	$ (0.10)	$ (0.99)	$ (0.13)

Long-Term Debt and Available _2

Long-Term Debt and Available Credit - Additional Information (Detail) - USD ($)	6 Months Ended
	Sep. 01, 2018	Mar. 03, 2018	Aug. 26, 2017
Term Loan Facility
Debt Instrument [Line Items]
Borrowings under term loan facility	$ 192,000,000	$ 193,000,000	$ 194,000,000
Carrying value of long term debt	189,894,000	$ 190,495,000	$ 191,079,000
Term Loan Facility | Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Fair value of term loan facility	165,360,000
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	$ 291,315,000
Borrowings outstanding	0
Remaining borrowing	$ 250,673,000
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	$ 40,641,000

Matters Concerning Shareholde_2

Matters Concerning Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 01, 2018	Aug. 26, 2017	Sep. 01, 2018	Aug. 26, 2017
Restricted Stock Awards
Share Based Compensation Arrangements And Share Repurchase Plan [Line Items]
Recorded stock-based compensation expense	$ 1,005	$ 1,390	$ 1,264	$ 2,460
Total unrecognized compensation expense related to unvested stock option awards	$ 21,331		$ 21,331
Weighted average period for recognizing unrecognized compensation expense, in years	1 year 6 months
Shares awarded | shares	2,958,373
Time-Based Restricted Shares
Share Based Compensation Arrangements And Share Repurchase Plan [Line Items]
Awards other than options vested in period | shares	1,134,773
Vesting period, years	3 years
Grant date fair value	$ 2.38
Time-Based Restricted Shares | Board of Directors
Share Based Compensation Arrangements And Share Repurchase Plan [Line Items]
Shares awarded | shares	290,904
Vesting period, years	1 year
Grant date fair value	$ 2.97
Performance Shares
Share Based Compensation Arrangements And Share Repurchase Plan [Line Items]
Grant date fair value	$ 2.38

Income Tax - Additional Informa

Income Tax - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 01, 2018	Aug. 26, 2017	Sep. 01, 2018	Aug. 26, 2017
Income Tax Disclosure [Abstract]
Income tax benefit	$ 14,126	$ 6,092	$ 20,197	$ 7,905
Effective tax rate	21.70%	43.80%	20.20%	42.20%
Statutory federal income tax rate	21.00%	35.00%	21.00%	35.00%
Unrecognized tax benefits	$ 4,941		$ 4,941

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended
	Aug. 26, 2017	Sep. 01, 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) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 01, 2018	Sep. 01, 2018
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		5,773
Adjustment to present the reserve on gross basis		2,216
ASU 2014-09 | Gift Card Redemptions
Change In Accounting Estimate [Line Items]
Revenue recognized	$ 3,276	$ 8,610

New Accounting Standards - Summ

New Accounting Standards - Summary of Net Sales (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Sep. 01, 2018	Aug. 26, 2017	Sep. 01, 2018	Aug. 26, 2017
Disaggregation Of Revenue [Line Items]
Net sales		$ 355,336	$ 407,607	$ 727,200	$ 817,132
ASU 2014-09
Disaggregation Of Revenue [Line Items]
Net sales		355,336	407,607	727,200	817,132
Retail Sales | ASU 2014-09
Disaggregation Of Revenue [Line Items]
Net sales		352,800	403,816	721,793	810,479
Other | ASU 2014-09
Disaggregation Of Revenue [Line Items]
Net sales	[1]	$ 2,536	$ 3,791	$ 5,407	$ 6,653
[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.