Pier 1 Imports 10-Q 9 Jan 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 01, 2018	Jan. 04, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 1, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q3
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		85,006,386

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 01, 2018	Nov. 25, 2017	Dec. 01, 2018	Nov. 25, 2017
Income Statement [Abstract]
Net sales	$ 413,232	$ 469,161	$ 1,140,432	$ 1,286,293
Cost of sales	282,740	292,485	796,295	817,856
Gross profit	130,492	176,676	344,137	468,437
Selling, general and administrative expenses	147,012	150,395	428,741	428,677
Depreciation	12,423	12,833	38,146	39,973
Operating income (loss)	(28,943)	13,448	(122,750)	(213)
Nonoperating (income) and expenses:
Interest, investment income and other	96	(597)	(1,067)	(1,575)
Interest expense	3,526	2,960	10,670	8,991
Nonoperating (income) and expenses	3,622	2,363	9,603	7,416
Income (loss) before income taxes	(32,565)	11,085	(132,353)	(7,629)
Income tax provision (benefit)	17,876	3,704	(2,321)	(4,201)
Net income (loss)	$ (50,441)	$ 7,381	$ (130,032)	$ (3,428)
Earnings (loss) per share:
Basic	$ (0.62)	$ 0.09	$ (1.62)	$ (0.04)
Diluted	$ (0.62)	0.09	(1.62)	(0.04)
Dividends declared per share		$ 0.07	$ 0	$ 0.21
Average shares outstanding during period:
Basic	80,784	79,658	80,508	80,363
Diluted	80,784	79,658	80,508	80,363

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 01, 2018	Nov. 25, 2017	Dec. 01, 2018	Nov. 25, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (50,441)	$ 7,381	$ (130,032)	$ (3,428)
Other comprehensive income (loss)
Foreign currency translation adjustments	(825)	(685)	(1,086)	985
Pension adjustments	6	(57)	344	(170)
Other comprehensive income (loss)	(819)	(742)	(742)	815
Comprehensive income (loss), net of tax	$ (51,260)	$ 6,639	$ (130,774)	$ (2,613)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 01, 2018	Mar. 03, 2018	Nov. 25, 2017
Current assets:
Cash and cash equivalents, including temporary investments of $63,330, $115,456 and $67,719, respectively	$ 71,109	$ 135,379	$ 80,234
Accounts receivable, net	36,283	22,149	43,062
Inventories	388,275	347,440	418,868
Prepaid expenses and other current assets	56,656	48,794	43,960
Total current assets	552,323	553,762	586,124
Properties and equipment, net of accumulated depreciation of $551,065, $554,477 and $547,520, respectively	159,705	178,767	178,481
Other noncurrent assets	33,264	39,790	39,006
Assets, Total	745,292	772,319	803,611
Current liabilities:
Accounts payable	172,744	71,279	94,279
Gift cards and other deferred revenue	44,028	55,281	57,280
Accrued income taxes payable		2,301
Current portion of long-term debt	2,000	2,000	2,000
Other accrued liabilities	118,236	106,268	120,274
Total current liabilities	337,008	237,129	273,833
Long-term debt	197,011	197,906	198,188
Other noncurrent liabilities	54,087	59,714	64,058
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	148,925	168,424	162,677
Retained earnings	603,220	726,232	716,719
Cumulative other comprehensive loss	(8,219)	(7,477)	(6,599)
Less -- 40,378,000, 41,974,000 and 41,710,000 common shares in treasury, at cost, respectively	(586,865)	(609,734)	(605,390)
Total shareholders' equity	157,186	277,570	267,532
Liabilities and Equity, Total	$ 745,292	$ 772,319	$ 803,611

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 01, 2018	Mar. 03, 2018	Nov. 25, 2017
Statement Of Financial Position [Abstract]
Cash and cash equivalents, temporary investments	$ 63,330	$ 115,456	$ 67,719
Properties and equipment, accumulated depreciation	$ 551,065	$ 554,477	$ 547,520
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	40,378,000	41,974,000	41,710,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 01, 2018	Nov. 25, 2017
Cash flows from operating activities:
Net loss	$ (130,032)	$ (3,428)
Adjustments to reconcile to net cash used in operating activities:
Depreciation	44,121	45,934
Stock-based compensation expense	2,266	3,087
Deferred compensation, net	2,065	1,940
Deferred income taxes	(1,361)	5,663
Other	1,486	2,168
Changes in cash from:
Inventories	(41,257)	(17,892)
Prepaid expenses and other assets	(18,210)	(33,366)
Accounts payable and other liabilities	104,888	14,914
Accrued income taxes payable, net of payments	(2,313)	(26,058)
Net cash used in operating activities	(38,347)	(7,038)
Cash flows from investing activities:
Capital expenditures	(31,466)	(41,057)
Proceeds from disposition of properties	1,732	71
Proceeds from sale of restricted investments	11,236	27,428
Purchase of restricted investments	(6,605)	(25,742)
Net cash used in investing activities	(25,103)	(39,300)
Cash flows from financing activities:
Cash dividends		(16,753)
Purchases of treasury stock		(10,000)
Stock purchase plan and other, net	1,104	1,626
Repayments of long-term debt	(1,500)	(1,500)
Debt issuance costs		(1,261)
Borrowings under revolving line of credit		8,000
Repayments of borrowings under revolving line of credit		(8,000)
Net cash used in financing activities	(396)	(27,888)
Effect of exchange rate changes on cash	(424)
Change in cash and cash equivalents	(64,270)	(74,226)
Cash and cash equivalents at beginning of period	135,379	154,460
Cash and cash equivalents at end of period	$ 71,109	$ 80,234

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - 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 Feb. 25, 2017	$ 292,028		$ 125	$ 191,501	$ 737,165	$ (7,414)	$ (629,349)
Beginning Balance, Common Stock at Feb. 25, 2017		83,182
Net income (loss)	(3,428)				(3,428)
Other comprehensive income (loss)	815					815
Purchases of treasury stock	(10,000)						(10,000)
Purchases of treasury stock (in shares)		(1,927)
Stock-based compensation expense	3,087			(26,815)			29,902
Stock-based compensation expense (in shares)		2,043
Stock purchase plan and other	1,783			(2,009)	(265)		4,057
Stock purchase plan and other (in shares)		224
Cash dividends	(16,753)				(16,753)
Ending Balance at Nov. 25, 2017	267,532		125	162,677	716,719	(6,599)	(605,390)
Ending Balance, Common Stock at Nov. 25, 2017		83,522
Beginning Balance at Aug. 26, 2017	265,124		125	157,574	714,870	(5,857)	(601,588)
Beginning Balance, Common Stock at Aug. 26, 2017		83,763
Net income (loss)	7,381				7,381
Other comprehensive income (loss)	(742)					(742)
Purchases of treasury stock	(6)						(6)
Purchases of treasury stock (in shares)		(2)
Stock-based compensation expense	543			6,221			(5,678)
Stock-based compensation expense (in shares)		(369)
Stock purchase plan and other	764			(1,118)			1,882
Stock purchase plan and other (in shares)		130
Cash dividends	(5,532)				(5,532)
Ending Balance at Nov. 25, 2017	267,532		125	162,677	716,719	(6,599)	(605,390)
Ending Balance, Common Stock at Nov. 25, 2017		83,522
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 income (loss)	(130,032)				(130,032)
Cumulative effect of accounting change	7,020				7,020
Other comprehensive income (loss)	(742)					(742)
Stock-based compensation expense	2,266			(11,509)			13,775
Stock-based compensation expense (in shares)		1,045
Stock purchase plan and other	1,104			(7,990)			9,094
Stock purchase plan and other (in shares)		551
Ending Balance at Dec. 01, 2018	157,186		125	148,925	603,220	(8,219)	(586,865)
Ending Balance, Common Stock at Dec. 01, 2018		84,854
Beginning Balance at Sep. 01, 2018	207,168		125	137,391	653,661	(7,400)	(576,609)
Beginning Balance, Common Stock at Sep. 01, 2018		85,548
Net income (loss)	(50,441)				(50,441)
Other comprehensive income (loss)	(819)					(819)
Stock-based compensation expense	886			14,282			(13,396)
Stock-based compensation expense (in shares)		(910)
Stock purchase plan and other	392			(2,748)			3,140
Stock purchase plan and other (in shares)		216
Ending Balance at Dec. 01, 2018	$ 157,186		$ 125	$ 148,925	$ 603,220	$ (8,219)	$ (586,865)
Ending Balance, Common Stock at Dec. 01, 2018		84,854

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended	9 Months Ended
	Nov. 25, 2017	Nov. 25, 2017
Statement Of Stockholders Equity [Abstract]
Cash dividends, per share	$ 0.07	$ 0.21

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Dec. 01, 2018
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	NOTE 1 – EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share amounts were determined by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Stock-based awards totaling 2,442,000 and 2,127,000 were excluded from the computation for the 13 and 39 weeks ended December 1, 2018, respectively, as the effect would be antidilutive. Stock-based awards totaling 395,000 and 1,756,000 were excluded from the computation for the 13 and 39 weeks ended November 25, 2017, respectively, as the effect would be antidilutive. Earnings (loss) per share amounts were calculated as follows (in thousands except per share amounts): 13 Weeks Ended 39 Weeks Ended December 1, November 25, December 1, November 25, 2018 2017 2018 2017 Net income (loss) $ (50,441 ) $ 7,381 $ (130,032 ) $ (3,428 ) Weighted average shares outstanding: Basic 80,784 79,658 80,508 80,363 Effect of dilutive stock options — — — — Effect of dilutive restricted stock — — — — Diluted 80,784 79,658 80,508 80,363 Earnings (loss) per share: Basic $ (0.62 ) $ 0.09 $ (1.62 ) $ (0.04 ) Diluted $ (0.62 ) $ 0.09 $ (1.62 ) $ (0.04 )

Long-Term Debt and Available Cr

Long-Term Debt and Available Credit	9 Months Ended
	Dec. 01, 2018
Debt Disclosure [Abstract]
Long-Term Debt and Available Credit	NOTE 2 – LONG-TERM DEBT AND AVAILABLE CREDIT Revolving Credit Facility — At the end of the third quarter of fiscal 2019, the Company had 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 were 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 $361,893,000 as of December 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 $309,359,000 remaining available for cash borrowings, all as of December 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. S ubsequent to quarter end, the Company amended its secured revolving credit facility to include a new $50,000,000 first-in, last-out (“FILO”) tranche provided by Bank of America and Pathlight Capital. The new FILO tranche, which was completed and funded on December 14, 2018, expands the secured revolving credit facility from $350,000,000 to $400,000,000 and modifies the borrowing base. The amendment provides for a $15,000,000 FILO loan (“FILO Loan”), subject to a borrowing base, which bears interest at either the adjusted LIBOR rate plus 300 basis points per annum or the prime rate plus a spread varying from 25 to 50 basis points per annum, depending on the amount then borrowed under the Revolving Credit Facility. The amendment also provides for a $35,000,000 term loan (“ABL Term Loan”), subject to a borrowing base, which bears interest at the adjusted LIBOR rate plus 800 basis points per annum, and which will amortize in equal quarterly installments of 1.25% of the original principal amount thereof commencing on June 30, 2020. The maturity date of each of the FILO Loan and the ABL Term Loan is June 2, 2022. The proceeds of the FILO Loan and the ABL Term Loan will be used for working capital, capital expenditures and general corporate purposes. The amendment did not result in any other material changes to 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 December 1, 2018, March 3, 2018 and November 25, 2017, the Company had $191,500,000, $193,000,000 and $193,500,000 outstanding, respectively, under the Term Loan Facility with carrying values of $189,592,000, $190,495,000 and $190,780,000, respectively, net of unamortized discounts and debt issuance costs. The fair value of the amount outstanding under the Term Loan Facility was approximately $141,352,000 as of December 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	9 Months Ended
	Dec. 01, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Matters Concerning Shareholders' Equity	NOTE 3 – MATTERS CONCERNING SHAREHOLDERS’ EQUITY For the 13 and 39 weeks ended December 1, 2018, the Company recorded compensation expense related to restricted stock of $835,000 and $2,099,000, respectively. For the 13 and 39 weeks ended November 25, 2017, the Company recorded compensation expense related to restricted stock of $489,000 and $2,948,000, respectively. Subsequent to quarter end, the Company granted 1,114,542 shares of restricted stock as employment inducement awards outside of a plan to certain executives. The total grant date fair value of the shares awarded was $1,600,000. The shares are time based and will be expensed over three-year periods.

Income Tax

Income Tax	9 Months Ended
	Dec. 01, 2018
Income Tax Disclosure [Abstract]
Income Tax	NOTE 4 – INCOME TAX The income tax provision for the third quarter of fiscal 2019 was $17,876,000, compared to $3,704,000 during the same period in the prior fiscal year. The effective tax rate for the third quarter of fiscal 2019 was (54.9%), compared to 33.4% in the same period during fiscal 2018. The increase in the income tax provision for the third quarter of fiscal 2019 was primarily related to the recognition of a $20,761,000 non-cash charge to increase the Company’s valuation allowance against its U.S. federal deferred tax assets and a portion of its state deferred tax assets. Of this amount, $19,038,000 was attributable to deferred tax assets recognized during the first half of fiscal 2019. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized. When the need for a valuation allowance is assessed, the Company considers all available positive and negative evidence. Recent cumulative losses were a significant piece of negative evidence management considered in determining it was not more likely than not that certain of its deferred tax assets would be realized, resulting in the increase to the Company’s valuation allowance. The non-cash charge to increase the Company’s valuation allowance was partially offset by certain favorable discrete items occurring in the third quarter of fiscal 2019. The income tax benefit for the year-to-date period of fiscal 2019 was $2,321,000, compared to $4,201,000 during the same period in the prior fiscal year. The effective tax rate for the year-to-date period of fiscal 2019 was 1.8%, compared to 55.1% in the same period during fiscal 2018. The decrease in the income tax benefit and the lower effective tax rate for the year-to-date period of fiscal 2019 primarily relates to the Company’s $20,761,000 non-cash charge to increase to its valuation allowance in the third quarter of fiscal 2019, which reduced tax benefits recognized for the period. The effective tax rate for the year-to-date period of fiscal 2018 was also impacted by certain non-deductible items recognized during the period, including the Consumer Product Safety Commission (“CPSC”) matter referenced in Note 5 - Commitments and Contingencies As of December 1, 2018, the Company had total unrecognized tax benefits of $4,885,000, 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	9 Months Ended
	Dec. 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. The plaintiffs subsequently filed a notice of appeal and a related appellate brief; the Company plans to file its reply brief in January 2019. 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 entered into settlement discussions with the CPSC during the third quarter of 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 was a defendant in lawsuits in federal courts in California containing various class action allegations under California state wage-and-hour laws. These lawsuits sought unspecified monetary damages, injunctive relief and attorneys’ fees. The Company settled these cases as expected 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 recognized expense of $6,600,000 in the second quarter of the prior fiscal year attributable to the legal and regulatory proceedings described in this paragraph and the preceding paragraph 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	9 Months Ended
	Dec. 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 now recognizes 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 December 1, 2018 was $7,809,000. 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 39 weeks ended December 1, 2018, the Company recognized revenue of $3,049,000 and $11,659,000 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 39 weeks ended December 1, 2018 and November 25, 2017 were as follows (in thousands): 13 Weeks Ended 39 Weeks Ended December 1, November 25, December 1, November 25, 2018 2017 2018 2017 Retail sales $ 410,377 $ 465,803 $ 1,132,170 $ 1,276,282 Other (1) 2,855 3,358 8,262 10,011 Net sales $ 413,232 $ 469,161 $ 1,140,432 $ 1,286,293 (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 Financial Accounting Standards Board (“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 SEC Disclosure Update In August 2018, the U.S. Securities and Exchange Commission ("SEC") adopted final rules under SEC Release No. 33-10532, Disclosure Update and Simplification Accounting Standards — ASU 2016-02 — Leases (Topic 842) In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” The Company will adopt this ASU and related amendments beginning in the first quarter of fiscal 2020 using a modified retrospective transition method and expects to elect certain practical expedients permitted under the transition guidance, including the package of practical expedients and the transition option that allows entities to not apply the new standard to comparative periods in the year of adoption. The Company has a project team focused on identifying a complete population of leases, evaluating accounting policy elections, and establishing new processes and internal controls. The Company implemented a new lease system to assist with its compliance with ASU 2016-02 during fiscal 2019. 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)	9 Months Ended
	Dec. 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 now recognizes 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 December 1, 2018 was $7,809,000. 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 39 weeks ended December 1, 2018, the Company recognized revenue of $3,049,000 and $11,659,000 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 39 weeks ended December 1, 2018 and November 25, 2017 were as follows (in thousands): 13 Weeks Ended 39 Weeks Ended December 1, November 25, December 1, November 25, 2018 2017 2018 2017 Retail sales $ 410,377 $ 465,803 $ 1,132,170 $ 1,276,282 Other (1) 2,855 3,358 8,262 10,011 Net sales $ 413,232 $ 469,161 $ 1,140,432 $ 1,286,293 (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 Financial Accounting Standards Board (“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 SEC Disclosure Update In August 2018, the U.S. Securities and Exchange Commission ("SEC") adopted final rules under SEC Release No. 33-10532, Disclosure Update and Simplification Accounting Standards — ASU 2016-02 — Leases (Topic 842) In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” The Company will adopt this ASU and related amendments beginning in the first quarter of fiscal 2020 using a modified retrospective transition method and expects to elect certain practical expedients permitted under the transition guidance, including the package of practical expedients and the transition option that allows entities to not apply the new standard to comparative periods in the year of adoption. The Company has a project team focused on identifying a complete population of leases, evaluating accounting policy elections, and establishing new processes and internal controls. The Company implemented a new lease system to assist with its compliance with ASU 2016-02 during fiscal 2019. 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,”

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Dec. 01, 2018
Earnings Per Share [Abstract]
Calculation of Earnings (Loss) Per Share Amounts	Earnings (loss) per share amounts were calculated as follows (in thousands except per share amounts): 13 Weeks Ended 39 Weeks Ended December 1, November 25, December 1, November 25, 2018 2017 2018 2017 Net income (loss) $ (50,441 ) $ 7,381 $ (130,032 ) $ (3,428 ) Weighted average shares outstanding: Basic 80,784 79,658 80,508 80,363 Effect of dilutive stock options — — — — Effect of dilutive restricted stock — — — — Diluted 80,784 79,658 80,508 80,363 Earnings (loss) per share: Basic $ (0.62 ) $ 0.09 $ (1.62 ) $ (0.04 ) Diluted $ (0.62 ) $ 0.09 $ (1.62 ) $ (0.04 )

New Accounting Standards (Table

New Accounting Standards (Tables)	9 Months Ended
	Dec. 01, 2018
Revenue From Contract With Customer [Abstract]
Summary of Net Sales	Net sales during the 13 and 39 weeks ended December 1, 2018 and November 25, 2017 were as follows (in thousands): 13 Weeks Ended 39 Weeks Ended December 1, November 25, December 1, November 25, 2018 2017 2018 2017 Retail sales $ 410,377 $ 465,803 $ 1,132,170 $ 1,276,282 Other (1) 2,855 3,358 8,262 10,011 Net sales $ 413,232 $ 469,161 $ 1,140,432 $ 1,286,293 (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.

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Dec. 01, 2018	Nov. 25, 2017	Dec. 01, 2018	Nov. 25, 2017
Earnings Per Share [Abstract]
Outstanding stock options and shares excluded from computation of diluted earnings (loss) per share	2,442,000	395,000	2,127,000	1,756,000

Calculation of Earnings (Loss)

Calculation of Earnings (Loss) Per Share Amounts (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 01, 2018	Nov. 25, 2017	Dec. 01, 2018	Nov. 25, 2017
Earnings Per Share Disclosure [Line Items]
Net income (loss)	$ (50,441)	$ 7,381	$ (130,032)	$ (3,428)
Basic	80,784	79,658	80,508	80,363
Diluted	80,784	79,658	80,508	80,363
Basic	$ (0.62)	$ 0.09	$ (1.62)	$ (0.04)
Diluted	$ (0.62)	$ 0.09	$ (1.62)	$ (0.04)

Long-Term Debt and Available _2

Long-Term Debt and Available Credit - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 14, 2018	Dec. 01, 2018	Mar. 03, 2018	Nov. 25, 2017
Term Loan Facility
Debt Instrument [Line Items]
Borrowings under term loan facility		$ 191,500	$ 193,000	$ 193,500
Carrying value of long term debt		189,592	$ 190,495	$ 190,780
Term Loan Facility | Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Fair value of term loan facility		141,352
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility , maximum borrowing capacity		350,000
Credit facility accordion feature		$ 150,000
Extended maturity date of revolving credit facility		Jun. 2, 2022
Credit facility borrowing base		$ 361,893
Borrowings outstanding		0
Remaining borrowing		$ 309,359
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
Amended Secured Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Credit facility , maximum borrowing capacity	$ 400,000
Amended Secured Credit Facility | FILO Tranche | Subsequent Event
Debt Instrument [Line Items]
Credit facility, additional borrowing capacity	50,000
Amended Secured Credit Facility | FILO Loan
Debt Instrument [Line Items]
Maturity date of loan		Jun. 2, 2022
Amended Secured Credit Facility | FILO Loan | Subsequent Event
Debt Instrument [Line Items]
Loan, face amount, subject to borrowing base	15,000
Amended Secured Credit Facility | ABL Term Loan
Debt Instrument [Line Items]
Percentage of quarterly installments of original principal payments		1.25%
Maturity date of loan		Jun. 2, 2022
Amended Secured Credit Facility | ABL Term Loan | Subsequent Event
Debt Instrument [Line Items]
Loan, face amount, subject to borrowing base	$ 35,000
Amended Secured Credit Facility | LIBOR | FILO Loan | Subsequent Event
Debt Instrument [Line Items]
Basis points	3.00%
Amended Secured Credit Facility | LIBOR | ABL Term Loan | Subsequent Event
Debt Instrument [Line Items]
Basis points	8.00%
Amended Secured Credit Facility | Prime Rate | Minimum | FILO Loan | Subsequent Event
Debt Instrument [Line Items]
Basis points	0.25%
Amended Secured Credit Facility | Prime Rate | Maximum | FILO Loan | Subsequent Event
Debt Instrument [Line Items]
Basis points	0.50%

Matters Concerning Shareholde_2

Matters Concerning Shareholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 08, 2019	Dec. 01, 2018	Nov. 25, 2017	Dec. 01, 2018	Nov. 25, 2017
Restricted Stock Awards
Share Based Compensation Arrangements And Share Repurchase Plan [Line Items]
Recorded stock-based compensation expense		$ 835	$ 489	$ 2,099	$ 2,948
Time-Based Restricted Shares | Certain Executives | Subsequent Event
Share Based Compensation Arrangements And Share Repurchase Plan [Line Items]
Shares granted | shares	1,114,542
Total grant date fair value of shares awarded	$ 1,600
Vesting period, years	3 years

Income Tax - Additional Informa

Income Tax - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Dec. 01, 2018	Nov. 25, 2017	Sep. 01, 2018	Dec. 01, 2018	Nov. 25, 2017
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 17,876	$ 3,704		$ (2,321)	$ (4,201)
Effective tax rate	(54.90%)	33.40%		1.80%	55.10%
Non-cash charge valuation allowance, deferred tax assets	$ 20,761			$ 20,761
Deferred tax assets recognized			$ 19,038
Statutory federal income tax rate	21.00%	35.00%		21.00%	35.00%
Unrecognized tax benefits	$ 4,885			$ 4,885

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended
	Aug. 26, 2017	Dec. 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) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 01, 2018USD ($)	Dec. 01, 2018USD ($)
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	$ 7,809	7,809
Adjustment to present the reserve on gross basis		2,216
ASU 2014-09 | Gift Card Redemptions
Change In Accounting Estimate [Line Items]
Revenue recognized	$ 3,049	$ 11,659

New Accounting Standards - Summ

New Accounting Standards - Summary of Net Sales (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Dec. 01, 2018	Nov. 25, 2017	Dec. 01, 2018	Nov. 25, 2017
Disaggregation Of Revenue [Line Items]
Net sales		$ 413,232	$ 469,161	$ 1,140,432	$ 1,286,293
ASU 2014-09
Disaggregation Of Revenue [Line Items]
Net sales		413,232	469,161	1,140,432	1,286,293
Retail Sales | ASU 2014-09
Disaggregation Of Revenue [Line Items]
Net sales		410,377	465,803	1,132,170	1,276,282
Other | ASU 2014-09
Disaggregation Of Revenue [Line Items]
Net sales	[1]	$ 2,855	$ 3,358	$ 8,262	$ 10,011
[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.