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Kirkland's Reports Fourth Quarter And Fiscal 2011 Results

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

Net sales, including gift card breakage revenue, for the 13-week period ended January 28, 2012, increased 6.8% to $149.1 million compared with $139.6 million for the 13-week period ended January 29, 2011. 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. The Company opened 11 stores and closed 3 during the fourth quarter of 2011, bringing the total number of stores to 309 as of quarter’s end.

Net sales, including gift card breakage revenue, for the 52-week period ended January 28, 2012, increased 3.6% to $430.3 million compared with $415.3 million for the 52-week period 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.

The Company reported net income of $15.2 million, or $0.78 per diluted share, for the fourth quarter of fiscal 2011 compared with net income of $14.4 million, or $0.70 per diluted share, for the fourth quarter of fiscal 2010. For fiscal 2011, the Company reported net income of $19.1 million, or $0.95 per diluted share, compared with net income of $26.4 million, or $1.28 per diluted share, in the prior-year period.

During the fourth quarter of fiscal 2011, the Company recorded a pre-tax gain in the amount of $1.2 million related to a change in the estimate of its loyalty program accrual due to the termination of the agreement with its private-label credit card service provider. This gain is included within cost of sales on the consolidated condensed statements of income. During the fourth quarter of fiscal 2010, the Company’s income tax expense included a net benefit of $0.8 million related to an adjustment to the Company's prior-year income tax provision partially offset by an adjustment to the state tax rate applied to the Company's deferred tax assets.

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