10-Q 1 pir-10q_20181201.htm 10-Q pir-10q_20181201.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 1, 2018

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to ________

Commission File Number 001-07832

PIER 1 IMPORTS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

75-1729843

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

100 Pier 1 Place,

Fort Worth, Texas

 

76102

(Address of principal executive offices)

 

(Zip code)

(817) 252-8000

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of January 4, 2019, there were outstanding 85,006,386 shares of the registrant’s common stock, all of one class.

 

 

 


 

PIER 1 IMPORTS, INC.

INDEX TO QUARTERLY FORM 10-Q

 

 

 

 

 

PAGE

 

 

 

 

 

PART I. FINANCIAL INFORMATION

 

4

 

 

 

 

 

Item 1.

 

Financial Statements.

 

4

 

 

 

 

 

 

 

Consolidated Statements of Operations for the 13 and 39 Weeks Ended December 1, 2018 and November 25, 2017

 

4

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Loss) for the 13 and 39 Weeks Ended December 1, 2018 and November 25, 2017

 

5

 

 

 

 

 

 

 

Consolidated Balance Sheets as of December 1, 2018, March 3, 2018 and November 25, 2017

 

6

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the 39 Weeks Ended December 1, 2018 and November 25, 2017

 

7

 

 

 

 

 

 

 

Consolidated Statements of Shareholders' Equity for the 39 Weeks Ended December 1, 2018 and November 25, 2017

 

8

 

 

 

 

 

 

 

Consolidated Statements of Shareholders’ Equity for the 13 Weeks Ended December 1, 2018 and November 25, 2017

 

9

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements

 

10

 

 

 

 

 

Item 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations.

 

15

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk.

 

21

 

 

 

 

 

Item 4.

 

Controls and Procedures.

 

21

 

 

 

 

 

PART II. OTHER INFORMATION

 

22

 

 

 

 

 

Item 1.

 

Legal Proceedings.

 

22

 

 

 

 

 

Item 1A.

 

Risk Factors.

 

22

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds.

 

23

 

 

 

 

 

Item 3.

 

Defaults upon Senior Securities.

 

23

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures.

 

23

 

 

 

 

 

Item 5.

 

Other Information.

 

23

 

 

 

 

 

Item 6.

 

Exhibits.

 

24

 

 

 

 

 

Signatures

 

25

 

 

 


 

FORWARD-LOOKING STATEMENTS

Certain statements contained in Items 1, 2 and 3 of Part I, and Item 1 of Part II and elsewhere in this report may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Pier 1 Imports, Inc. and its consolidated subsidiaries (the “Company”) may also make forward-looking statements in other reports filed with the United States Securities and Exchange Commission (“SEC”), in press releases, in presentations and in material delivered to the Company’s shareholders. Forward-looking statements provide current expectations of future events based on management’s assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors. These statements encompass information that does not directly relate to any historical or current fact and often may be identified with words such as “believe,” “expect,” “estimate,” “anticipate,” “plan,” “may,” “will,” “intend” and other similar expressions. Management’s expectations and assumptions regarding: the impact of initiatives implemented in connection with the Company’s multi-year “New Day” strategic plan, particularly with respect to changes in the initiatives supporting the New Day plan and actions intended to return the Company to profitable growth; the impact of initiatives connected with the appointment of the Company’s interim chief executive officer; the results of the evaluation of strategic alternatives and the terms, value and timing of any transaction resulting from that process, or the failure of any such transaction to occur; the effectiveness of the Company’s marketing campaigns, merchandising and promotional strategies and customer databases; consumer spending patterns; inventory levels and values; the Company’s ability to increase cash flows to support its operating activities; the effectiveness of the Company’s relationships with, and operations of, its key suppliers; the Company’s ability to implement planned cost control measures and reductions in capital expenditures; risks related to U.S. import policy, particularly with regard to the impact of tariffs on goods imported from China and strategies undertaken to mitigate such impact; changes in foreign currency values relative to the U.S. dollar; the Company’s ability to identify a successor chief executive officer and retain its senior management team; the Company’s ability to comply with the continued listing requirements of the NYSE, and risks arising from the potential suspension of trading of the Company’s common stock on that exchange; 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. Additional risks and uncertainties that may affect Company operations and performance include, among others: an inability to anticipate, identify and respond to changing customer trends and preferences and to source, ship and deliver items of acceptable quality to its U.S. distribution and fulfillment centers, stores and customers at reasonable prices and rates in a timely fashion; an inability to identify and successfully implement strategic initiatives; risks related to outsourcing, including disruptions in business and increased costs; an overall decline in the health of the U.S. economy and its impact on consumer confidence and spending; disruptions in the Company’s domestic supply chain or e‑Commerce website; failure to successfully manage and execute the Company’s marketing initiatives; negative impacts from failure to control merchandise returns and recalls; potential impairment charges; an inability to operate in desirable locations at reasonable rental rates; competition; factors affecting consumer spending, including employment levels and disposable income, interest rates, consumer debt levels, fuel and transportation costs and other factors; failure to attract and retain an effective management team or changes in the cost or availability of a suitable workforce; failure to successfully manage omni-channel operations; seasonal variations; increases in costs that are outside the Company’s control; adverse weather conditions or natural disasters; risks related to technology; failure to protect consumer data; failure to successfully implement new information technology systems and enhance existing systems; risks related to cybersecurity; failure to maintain positive brand perception and recognition; regulatory and legal risks; litigation risks; risks related to imported merchandise including the health of global, national, regional, and local economies and their impact on vendors, manufacturers and merchandise; adverse effects from changes in U.S. policy related to imported merchandise; risks related to insufficient cash flows and access to capital; disruption in the global credit and equity markets; factors beyond the Company’s control, including general economic and market conditions, fluctuations in the Company’s financial condition or other factors that could affect the stock price; and risks related to activist shareholders. The foregoing risks and uncertainties are in addition to others discussed elsewhere in this report which may also affect Company operations and performance. The Company assumes no obligation to update or otherwise 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. Additional information concerning these risks and uncertainties is contained in the Company's Annual Report on Form 10-K for the year ended March 3, 2018, as filed with the SEC and in Item 1A Risk Factors contained herein.

 

 

3


 

PART I

Item 1. Financial Statements.

Pier 1 Imports, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except per share amounts)

(unaudited)

 

 

 

13 Weeks Ended

 

 

39 Weeks Ended

 

 

 

December 1,

 

 

November 25,

 

 

December 1,

 

 

November 25,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

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

 

 

 

 

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

 

 

$

 

 

$

0.21

 

Average shares outstanding during period:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

80,784

 

 

 

79,658

 

 

 

80,508

 

 

 

80,363

 

Diluted

 

 

80,784

 

 

 

79,658

 

 

 

80,508

 

 

 

80,363

 

 

The accompanying notes are an integral part of these financial statements.

4


 

Pier 1 Imports, Inc.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

(unaudited)

 

 

 

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

)

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

)

 

The accompanying notes are an integral part of these financial statements.

5


 

Pier 1 Imports, Inc.

CONSOLIDATED BALANCE SHEETS

(in thousands except share amounts)

(unaudited)

 

 

 

December 1,

 

 

March 3,

 

 

November 25,

 

 

 

2018

 

 

2018

 

 

2017

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

$

745,292

 

 

$

772,319

 

 

$

803,611

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

$

745,292

 

 

$

772,319

 

 

$

803,611

 

 

The accompanying notes are an integral part of these financial statements.

6


 

Pier 1 Imports, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

39 Weeks Ended

 

 

 

December 1,

 

 

November 25,

 

 

 

2018

 

 

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

 

 

The accompanying notes are an integral part of these financial statements.

7


 

Pier 1 Imports, Inc.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(in thousands)

(unaudited)

 

For the 39 Weeks Ended December 1, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Outstanding

 

 

 

 

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Treasury

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Stock

 

 

Equity

 

Balance March 3, 2018

 

 

83,258

 

 

$

125

 

 

$

168,424

 

 

$

726,232

 

 

$

(7,477

)

 

$

(609,734

)

 

$

277,570

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(130,032

)

 

 

 

 

 

 

 

 

(130,032

)

Cumulative effect of accounting change

 

 

 

 

 

 

 

 

 

 

 

7,020

 

 

 

 

 

 

 

 

 

7,020

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(742

)

 

 

 

 

 

(742

)

Stock-based compensation expense

 

 

1,045

 

 

 

 

 

 

(11,509

)

 

 

 

 

 

 

 

 

13,775

 

 

 

2,266

 

Stock purchase plan and other

 

 

551

 

 

 

 

 

 

(7,990

)

 

 

 

 

 

 

 

 

9,094

 

 

 

1,104

 

Balance December 1, 2018

 

 

84,854

 

 

$

125

 

 

$

148,925

 

 

$

603,220

 

 

$

(8,219

)

 

$

(586,865

)

 

$

157,186

 

 

 

 

For the 39 Weeks Ended November 25, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Outstanding

 

 

 

 

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Treasury

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income (Loss)

 

 

Stock

 

 

Equity

 

Balance February 25, 2017

 

 

83,182

 

 

$

125

 

 

$

191,501

 

 

$

737,165

 

 

$

(7,414

)

 

$

(629,349

)

 

$

292,028

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(3,428

)

 

 

 

 

 

 

 

 

(3,428

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

815

 

 

 

 

 

 

815

 

Purchases of treasury stock

 

 

(1,927

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,000

)

 

 

(10,000

)

Stock-based compensation expense

 

 

2,043

 

 

 

 

 

 

(26,815

)

 

 

 

 

 

 

 

 

29,902

 

 

 

3,087

 

Stock purchase plan and other

 

 

224

 

 

 

 

 

 

(2,009

)

 

 

(265

)

 

 

 

 

 

4,057

 

 

 

1,783

 

Cash dividends ($0.21 per share)

 

 

 

 

 

 

 

 

 

 

 

(16,753

)

 

 

 

 

 

 

 

 

(16,753

)

Balance November 25, 2017

 

 

83,522

 

 

$

125

 

 

$

162,677

 

 

$

716,719

 

 

$

(6,599

)

 

$

(605,390

)

 

$

267,532

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8


 

 

Pier 1 Imports, Inc.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(in thousands)

(unaudited)

 

 

For the 13 Weeks Ended December 1, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Outstanding

 

 

 

 

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Treasury

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Stock

 

 

Equity

 

Balance September 1, 2018

 

 

85,548

 

 

$

125

 

 

$

137,391

 

 

$

653,661

 

 

$

(7,400

)

 

$

(576,609

)

 

$

207,168

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(50,441

)

 

 

 

 

 

 

 

 

(50,441

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(819

)

 

 

 

 

 

(819

)

Stock-based compensation expense

 

 

(910

)

 

 

 

 

 

14,282

 

 

 

 

 

 

 

 

 

(13,396

)

 

 

886

 

Stock purchase plan and other

 

 

216

 

 

 

 

 

 

(2,748

)

 

 

 

 

 

 

 

 

3,140

 

 

 

392

 

Balance December 1, 2018

 

 

84,854

 

 

$

125

 

 

$

148,925

 

 

$

603,220

 

 

$

(8,219

)

 

$

(586,865

)

 

$

157,186

 

 

 

 

For the 13 Weeks Ended November 25, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

Total

 

 

 

Outstanding

 

 

 

 

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Treasury

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Stock

 

 

Equity

 

Balance August 26, 2017

 

 

83,763

 

 

$

125

 

 

$

157,574

 

 

$

714,870

 

 

$

(5,857

)

 

$

(601,588

)

 

$

265,124

 

Net income

 

 

 

 

 

 

 

 

 

 

 

7,381

 

 

 

 

 

 

 

 

 

7,381

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(742

)

 

 

 

 

 

(742

)

Purchases of treasury stock

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6

)

 

 

(6

)

Stock-based compensation expense

 

 

(369

)

 

 

 

 

 

6,221