Kirkland's, Inc. (NASDAQ: KIRK) today reported financial results for the 13-week and 39-week periods ended October 29, 2011.
Net sales for the 13-week period ended October 29, 2011, were $97.1 million compared with $92.7 million for the 13-week period ended October 30, 2010. Comparable store sales for the third quarter of fiscal 2011 decreased 3.6% compared with a 2.4% decrease in the prior-year quarter. The Company opened 13 stores and closed 6 stores during the third quarter of 2011, bringing the total number of stores to 301 as of quarter’s end.
Net sales for the 39-week period ended October 29, 2011, were $281.2 million compared with $275.7 million for the 39-week period ended October 30, 2010. Comparable store sales for the 39 weeks ended October 29, 2011, decreased 6.7% compared with an increase of 3.5% in the prior-year period. The Company opened 23 stores and closed 22 stores during the 39-week period ended October 29, 2011.
The Company reported net income of $1.2 million, or $0.06 per diluted share, for the third quarter of fiscal 2011 compared with net income of $2.3 million, or $0.11 per diluted share, for the third quarter of fiscal 2010.For the 39-week period ended October 29, 2011, the Company reported net income of $3.9 million, or $0.19 per diluted share, compared with net income of $12.0 million, or $0.59 per diluted share, for the 39-week period ended October 30, 2010. Robert Alderson, Kirkland's President and Chief Executive Officer, said, “We were pleased to realize improvement in our sales results for the third quarter, which were higher than originally anticipated due to better trends in the second half of the quarter. We experienced sequential improvement in our merchandise margin during the quarter, resulting in better-than-expected earnings results. “During the quarter, we saw improvement in some of our important merchandising categories; however, we have more work to do. Inventories remain in good shape and well-balanced after successful execution in the third quarter. New store openings continue to produce strong initial sales results. Despite the delays that we have experienced in accessing space this year, we have a strong start to the 2012 store class. Our top priority is to enter fiscal 2012 with improving sales and earnings momentum, and thus far we are on track with that plan.”
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 + 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