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Kirkland's Presses Turnaround Through 2012

Thursday February 7th, 2013 - 9:45AM


Today, Kirkland's, Inc. reported a slightly improving trend in comparable store sale declines for the quarter and fiscal year ending February 2. Comparable store sales for the quarter fell 2.6% while comps for the full year slid 3%.

Net sales for the quarter increased 9% to $162.6 million versus the period ended January 28, 2012. Kirkland’s opened 17 stores and closed two in the fourth quarter, bringing the total number to 323 at the period’s end. Net sales for the fiscal year increased 4.2% to $448 million. The company opened 42 stores and shuttered 28 in fiscal 2012.

Based on its sales results, Kirkland’s confirmed its previous guidance for fourth quarter earnings of 71 cents to 76 cents per diluted share. The company also announced that Robert Alderson has returned to his president and CEO duties. On November 20, Kirkland’s announced that announced that Alderson would take a medical leave of absence, and that Mike Madden, senior vp and CFO, would assume his responsibilities temporarily.

Kirkland’s will issue an earnings release for the fourth quarter before the market opens on March 14.