No,not the right time..the red bracts you mentioned,are actually the new foliage which will turn green,as it grows,and maybe the frost killed the new ones last year? If so,they would have turned brown..mine haven't started into growth yet,but the flowers appear first..Did you keep pruning it last year?if so,it didn't get a chance to make new red foliage..Pieris only need pruning if it's getting too big,or unshapely..They prefer ericaceous compost ,and a feed with something suitable for acid soil..

If you mean it didn't have any 'red bracts' at all at any time last year, that simply means it wasn't growing. All new leaves, as they appear, are red initially, turning green later (as Bloomer says). I can't think why your plant didn't grow, if it didn't, but maybe you didn't notice the new red leaves when they arrived. The only possible cause of no new growth is if its constrained at the root (maybe in a pot that's now too small) and can't grow more.

I didn't think about it could be in a pot..so that would be an obvious reason,if it isn't growing....I've never known them not to grow,if they have the space either in a pot or garden..may be starved of nutrients as well..