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Kirkland's Reports First Quarter Results

Investor Conference Call and Web Simulcast

Kirkland's will host a conference call today, at 11:00 a.m. ET to discuss its results of operations for the first quarter of fiscal 2011. The number to call for the interactive teleconference is (212) 231-2921. A replay of the conference call will be available through Friday, May 27, 2011, by dialing (402) 977-9140 and entering the confirmation number, 21520608.

A live broadcast of Kirkland's quarterly conference call will be available online at the Company's website under Investor Relations or on May 20, 2011, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for one year.

Kirkland's, Inc. was founded in 1966 and is a specialty retailer of home décor in the United States. Although originally focused in the Southeast, the Company has grown beyond that region and currently operates 292 stores in 30 states. The Company's stores present a broad selection of distinctive merchandise, including framed art, mirrors, candles, lamps, picture frames, accent rugs, garden accessories and artificial floral products. The Company's stores also offer an extensive assortment of gifts, as well as seasonal merchandise. More information can be found at

Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Kirkland's actual results to differ materially from forecasted results. Those risks and uncertainties include, among other things, the competitive environment in the home décor industry in general and in Kirkland's specific market areas, inflation, product availability and growth opportunities, seasonal fluctuations, and economic conditions in general. Those and other risks are more fully described in Kirkland's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K filed on April 14, 2011. Kirkland's disclaims any obligation to update any such factors or to publicly announce results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
(dollars in thousands, except per share amounts)
13 Week Period Ended
April 30, May 1,
2011 2010
Net sales $ 94,403 $ 93,465
Cost of sales   56,315   52,829  
Gross profit 38,088 40,636
Operating expenses:
Operating expenses 29,681 26,656
Depreciation   3,241   3,027  
Operating income 5,166 10,953
Other (income) expense, net   37   (24 )
Income before income taxes 5,129 10,977
Income tax expense   1,959   4,459  
Net income $ 3,170 $ 6,518  
Earnings per share:
Basic $ 0.16 $ 0.33  
Diluted $ 0.15 $ 0.32  
Shares used to calculate earnings per share:
Basic   19,915   19,775  
Diluted   20,660   20,607  
(dollars in thousands)
April 30, January 29, May 1,
2011 2011 2010
Current assets:
Cash and cash equivalents $ 90,254 $ 91,222 $ 73,576
Inventories, net 44,620 44,452 38,325
Deferred income taxes 3,571 3,528 3,558
Other current assets   6,810   7,468   5,828
Total current assets 145,255 146,670 121,287
Property and equipment, net 46,013 46,231 36,466
Non-current deferred income taxes 1,456 1,440 4,397
Other assets   879   736   660
Total assets $ 193,603 $ 195,077 $ 162,810
Current liabilities:
Accounts payable $ 19,824 $ 20,236 $ 15,692
Income taxes payable 601 1,289 3,570
Other current liabilities   20,287   24,364   20,624
Total current liabilities 40,712 45,889 39,886
Deferred rent and other long-term liabilities   30,615   30,899   27,470
Total liabilities   71,327   76,788   67,356
Net shareholders' equity   122,276   118,289   95,454
Total liabilities and shareholders' equity $ 193,603 $ 195,077 $ 162,810
(dollars in thousands)
13 Week Period Ended
April 30, May 1,
2011 2010
Net cash provided by (used in):
Operating activities $ 2,060 $ (80 )
Investing activities (3,096 ) (2,827 )
Financing activities   68     71  
Cash and cash equivalents:
Net decrease (968 ) (2,836 )
Beginning of the period   91,222     76,412  
End of the period $ 90,254   $ 73,576  

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