Fourth-quarter sales at Kirkland’s were up 6.9% as company officials reported that its customers continued to react positive to the company’s updated merchandise mix.
Net sales for the 13-week period ended January 30 increased 6.9% to $142.8 million compared with $133.6 million for the 13-week period ended January 31, 2009. Comparable store sales for the fourth quarter of fiscal 2009 increased 10.2% compared with an increase of 5.3% in the prior-year period. The Company opened three stores and closed 20 stores during the quarter to end the period with 279 stores.
Net sales for the 52-week period ended January 30 increased 3.8% to $406.2 million compared with $391.3 million for the 52-week period ended January 31, 2009. Comparable store sales for the 52-week period ended January 30, 2010, increased 8.4% compared with an increase of 3.6% in the prior-year period. The company opened 18 stores and closed 38 stores during the 52-week period.
The company reported net income of $22.1 millionfor the 13-week period ended January 30 compared with net income of $15.0 million for the 13-week period ended January 31, 2009. For the 52-week period, the company reported net income of $34.6 million compared with net income of $9.3 million in the prior-year period.
“We reached historic levels of quarterly operating and financial performance throughout fiscal 2009. The fourth quarter was no exception with continued growth in sales, margin improvement and cash generation on top of a tough comparison from a year ago. Strong results have continued year-to-date in the first quarter of fiscal 2010,” said Robert Alderson, Kirkland’s President/CEO.
“We have established significant momentum in the marketplace with merchandise resonating very well with our customers. Traffic increases were strong in the fourth quarter and have accelerated year-to-date in 2010. Our goal for 2010 is to take advantage of this momentum and build strongly on our 2009 success.”
He noted that high levels of unemployment are still a concern, but said the company’s store model has proven to be very resilient and productive during a historically challenging economic period for retail. “We are now poised to begin experiencing the benefits from accelerating the growth in our store base, adding e-commerce, making investments in information systems to drive productivity and improving the customer experience in our stores,” he said.