|Store Growth:||At quarter end, the Company had 293 stores compared with 300 at the beginning of 2011 and 281 at the end of the prior-year period. For fiscal 2011, the Company now expects to open approximately 20 net new stores, representing square footage growth of slightly more than 10%. New store activity will be heavily weighted toward the second half of the year. Store closings will typically coincide with replacement store openings.|
|Sales:||The Company expects total sales for fiscal 2011 to increase in the range of 6% to 8% compared with fiscal 2010. This level of sales growth would imply low-single-digit negative comparable store sales for the fiscal year.|
|Margins:||Based on the current outlook, the Company expects operating margin in fiscal 2011 to be below that of fiscal 2010 due to an anticipated increase in sourcing and transportation costs and deleverage on the fixed components of operating expenses due to low-single-digit negative comparable store sales.|
|Earnings:||Based on the above assumptions, the Company would expect earnings per share for fiscal 2011 to be $0.95 to $1.05 per diluted share. The current assumption for the effective tax rate is in the range of 38.5% for fiscal 2011.|
|Cash Flow:||The Company expects to fully fund its new store growth and technology improvements through cash generated from operations. Capital expenditures are estimated to range between $23 million and $26 million for fiscal 2011.|
Kirkland's Reports First Quarter Results
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