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Kirkland’s Struggles To Gain Turnaround Momentum In Q4

Today, Kirkland’s, Inc. posted net income of $13.8 million, or 77 cents per diluted share, for the 53 weeks ended February 2 versus $19.1 million, or 95 cents per diluted share, for the 52 weeks ended January 28, 2012. Net sales for the 53-week fiscal 2012 increased 4.2% to $448.4 million versus fiscal 2011.

On a 52-week basis, year-over-year comparable store sales, including e-commerce revenues, decreased 3%, the company said.

For the 14 weeks ended February 2, Kirkland’s posted net income of $14.3 million, or 82 cents per diluted share, versus $15.2 million, or 78 cents per diluted share, for the year-earlier period. Results for the 2012 fourth quarter included a one-time year-over-year after-tax benefit of three cents per diluted share. In the fourth quarter of fiscal 2011, Kirkland’s pointed out that it had a one-time after-tax benefit of four cents per diluted share.

Fourth quarter net sales increased 9.2% to $162.9 million versus $149.1 million for the prior-year period. On a 13-week basis including e-commerce revenues, comparable store sales decreased 2.6% from the fourth quarter of 2012.

Kirkland’s said it opened 42 stores and closed 28 during fiscal 2012.

Robert Alderson, Kirkland’s president and CEO noted, “The fourth quarter results were slightly better than our expectations with sales at the higher end of our guidance and margin on plan. We still have some work ahead of us to return some key categories to their previous levels, but our core merchandise assortment is improving. Consistent with broader retail trends to date, we have started the year off on a more cautious note and expect that outlook to continue in the first half of fiscal 2013. As the year progresses, we expect to see more improvement due to better merchandising, a more productive and better scheduled real estate plan and continued focus on tight expense controls.”