Exhibit 99.1

                  Pier 1 Imports, Inc. Reports February Sales

     FORT WORTH, Texas--(BUSINESS WIRE)--March 2, 2006--Pier 1 Imports, Inc.
(NYSE:PIR) reported today that sales for the four-week period ended February 25,
2006 aggregated $109,688,000, a decrease of 6.5% from $117,278,000 last year,
and comparable store sales declined 10.8%.
     Sales for the fourth quarter were $530,353,000, up 0.9% from last year's
$525,826,000, and comparable store sales declined 3.2%. Year-to-date sales for
the twelve-month period of $1,850,898,000 were down 2.5% from $1,897,853,000
last year, and comparable store sales declined 7.2%.
     Fourth quarter and fiscal 2006 year-end results and March sales will be
reported on April 6, 2006 and the Company will conduct a conference call to
discuss results.
     Marvin J. Girouard, Pier 1's Chairman and Chief Executive Officer,
commented, "February was a transitional month for Pier 1 stores following a
solid clearance event that we believe pulled sales into January. During
February, inventories were lean most of the month as stores prepared for new
merchandise arrivals. Although February's average ticket sales were higher
versus the year-ago period, customer traffic was below last year, especially in
periods of inclement weather during the month.
     "In March and continuing through the first quarter, we are introducing a
unique new style and design of merchandise in our stores that we call Pier 1
modern craftsman. Pier 1's merchandise has evolved from a traditional global
motif to a more streamlined and contemporary style and design, with distinctive
global influences. This new merchandise has simpler lines, architectural shapes,
and in many cases larger-scale proportions with sophisticated, fashion-forward
color palettes. We believe that the new Pier 1 modern craftsman designs make our
merchandise more relevant to today's consumers. This merchandise introduction
will be supported by a targeted marketing program consisting of new national
television commercials, a spring catalog mailing to 10 million customers in
mid-March and magazine advertising this spring."

     Any forward-looking projections or statements made in this press release
should be considered in conjunction with the cautionary statements contained in
the Company's most recently filed quarterly report on Form 10-Q for fiscal year
2006.
     Management's expectations and assumptions regarding planned store openings,
financing of Company obligations from operations, results from its new
marketing, merchandising and store operations strategies, and other future
results are subject to risks, uncertainties and other factors that could cause
actual results to differ materially from the anticipated results or other
expectations expressed in the forward-looking statements. Risks and
uncertainties that may affect Company operations and performance include, among
others, the effects of terrorist attacks or other acts of war, conflicts or war
involving the United States or its allies or trading partners, labor strikes,
weather conditions or natural disasters that may affect sales, volatility of
fuel and utility costs, the general strength of the economy and levels of
consumer spending, consumer confidence, the availability of new sites for
expansion along with sufficient labor to facilitate growth, the strength of new
home construction and sales of existing homes, the availability and proper
functioning of technology and communications systems supporting the Company's
key business processes, the ability of the Company to import merchandise from
foreign countries without significantly restrictive tariffs, duties or quotas
and the ability of the Company to source, ship and deliver items from foreign
countries to its U.S. distribution centers at reasonable prices and rates and in
a timely fashion. The Company assumes no obligation to update or revise its
forward-looking statements even if experience or future changes make it clear
that any projected results expressed or implied will not be realized.
     Pier 1 Imports, Inc. is North America's largest specialty retailer of
imported decorative home furnishings and gifts with Pier 1 Imports(R) stores in
49 states, Puerto Rico, Canada, and Mexico; The Pier(R) stores in the United
Kingdom and Ireland; and Pier 1 Kids(R) stores.


     CONTACT: Pier 1 Imports, Inc., Fort Worth
              Cary Turner, 817-252-8400