This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Kirkland's 2nd-quarter Net Income Dips

NASHVILLE, Tenn. (AP) â¿¿ Home retailer Kirkland's Inc. said Friday its net income slipped in the fiscal second quarter as shoppers hunted for discounts, which hurt its sales.

The company said its profit fell 6 percent in the ended July 31, to $3.3 million, or 16 cents per share, from $3.4 million, or 17 cents per share. Revenue rose 2 percent, to $89.5 million from $87.7 million.

Kirkland's said customers are looking harder for bargains and they are more cautious because unemployment is high. Merchandise delivery delays and greater freight costs also hurt results. The company said more shoppers came to its stores than a year ago, however.

Kirkland's had 286 locations at the end of the quarter, down from 291 a year ago. The company opened seven stores during the quarter and closed two. At stores open at least one year, sales increased 1 percent. That's considered a key reading of retailer health because it leaves out results from stores that have opened or closed in the last year.

The company said it expects a "slight increase" in adjusted profit compared to the $1.42 per share it earned in fiscal 2009. Previously Kirkland's said its profit would decrease because it is paying a higher tax rate this year. It forecast weaker revenue growth, however, and said it expects sales to grow 4 percent to 6 percent rather than 5 percent to 8 percent.

That implies total revenue of $422.4 million to $430.6 million, down from a previous estimate of $426.5 million to $438.

Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
KIRK $23.03 -3.24%
AAPL $129.36 0.21%
FB $79.60 -0.19%
GOOG $573.64 0.40%
TSLA $199.56 1.13%


DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs