Kirkland's Returns To A 3rd-quarter Profit
NASHVILLE, Tenn. (AP) ¿ Kirkland's Inc. said Friday it returned to a profit in the third quarter, helped in part by fewer markdowns and increased traffic.
The home decor retailer also lifted its full-year earnings outlook on its strong year-to-date performance.
The news sent the company's stock up $1.85, or 14 percent, to $15.13 in morning trading.
Kirkland's earned $5.6 million, or 27 cents per share, compared with a loss of $1.5 million, or 7 cents per share, during the same period a year earlier.Excluding some income tax credits and other items, profit was $4.6 million, or 23 cents per share, compared with a loss of $853,000, or 4 cents per share a year earlier. Revenue for the three months ended Oct. 31 rose 8 percent to $92.4 million from $85.9 million. Sales at stores open at least a year climbed 11.3 percent in the quarter. This figure is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones. Kirkland's expects fiscal 2009 profit to be "significantly above" the prior year's $10.1 million profit and foresees sales "slightly above" fiscal 2008. The company said it plans to open 30 to 40 new stores in fiscal 2010 and close 15 to 20 locations. Kirkland's had 296 stores at quarter's end.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV