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Kirkland's Reports Second Quarter Results

Kirkland's, Inc. (NASDAQ: KIRK) today reported financial results for the 13-week and 26-week periods ended July 30, 2011.

Net sales for the 13-week period ended July 30, 2011, were $89.7 million compared with $89.5 million for the 13-week period ended July 31, 2010. Comparable store sales for the second quarter of fiscal 2011 decreased 8.0% compared with a 1.0% increase in the prior-year quarter. The Company opened 7 stores and closed 6 stores during the second quarter of 2011, bringing the total number of stores to 294 as of quarter’s end.

Net sales for the 26-week period ended July 30, 2011, were $184.1 million compared with $183.0 million for the 26-week period ended July 31, 2010. Comparable store sales for the 26 weeks ended July 30, 2011, decreased 8.2% compared with an increase of 6.6% in the prior-year period. The Company opened 10 stores and closed 16 stores during the 26-week period.

The Company reported a net loss of $0.5 million, or $0.02 per diluted share, for the second quarter of fiscal 2011 compared with net income of $3.3 million, or $0.16 per diluted share, for the second quarter of fiscal 2010.

For the 26-week period ended July 30, 2011, the Company reported net income of $2.7 million, or $0.13 per diluted share, compared with net income of $9.8 million, or $0.47 per diluted share, for the 26-week period ended July 31, 2010.

Robert Alderson, Kirkland's President and Chief Executive Officer, said, “Our second quarter sales and margin results were less than we had expected. A more aggressive than planned markdown cadence was necessary throughout the quarter to keep our inventories well-positioned as we entered the second half of the year. We continue to focus on new merchandise initiatives, but expect the third quarter to look much like the second quarter should current trends continue.

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