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Kirkland's Reports Fourth Quarter Sales

Stocks in this article: KIRK

Kirkland's, Inc. (NASDAQ: KIRK) today reported sales for the 13-week and 52-week periods ended January 28, 2012.

Net sales for the 13 weeks ended January 28, 2012, increased 6.4% to $148.5 million compared with $139.6 million for the prior-year quarter. Comparable store sales for the fourth quarter of fiscal 2011 increased 1.4% compared with a decrease of 7.9% in the prior-year quarter. E-commerce sales entered the base of comparable stores during December 2011, and contributed 80 basis points to the overall comparable store sales increase for the fourth quarter. Kirkland’s opened 11 stores and closed 3 during the fourth quarter of 2011, bringing the total number of stores to 309 at year end.

Net sales for the 52-weeks ended January 28, 2012, increased 3.5% to $429.7 million compared with $415.3 million for the 52-weeks ended January 29, 2011. Comparable store sales for fiscal 2011 decreased 4.0% compared with a 0.5% decrease in fiscal 2010. The Company opened 34 stores and closed 25 during fiscal 2011.

During the fourth quarter of fiscal 2011, the Company repurchased 1,194,992 shares of common stock for a total of $15.4 million, or an average price of $12.90 per share. The Company has $16.6 million remaining under its repurchase authorization.

Based on these results, Kirkland’s announced that it expects to report earnings of $0.72 to $0.75 per diluted share for the fourth quarter of fiscal 2011 and earnings of $0.88 to $0.91 per diluted share for fiscal 2011.

Kirkland’s will issue its earnings release for the fourth quarter before the market opens on Thursday, March 8, 2012, and will host a conference call on the same day at 11:00 a.m. ET. The number to call for the interactive teleconference is (212) 231-2919. A replay of the conference call will be available through Thursday, March 15, 2012, by dialing (402) 977-9140 and entering the confirmation number, 21575913.

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