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
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Kirkland's Reports Third Quarter Results

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.”

Stock quotes in this article: KIRK 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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.
DOW 16,262.56 +89.32 0.55%
S&P 500 1,842.98 +12.37 0.68%
NASDAQ 4,034.1610 +11.4670 0.29%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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