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Kirkland's Reports Fourth Quarter And Fiscal 2011 Results

Investor Conference Call and Web Simulcast

Kirkland's will host a conference call today, at 11:00 a.m. ET to discuss its results of operations for the fourth quarter of fiscal 2011. 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.

A live broadcast of Kirkland's quarterly conference call will be available online at the Company's website under Investor Relations or on March 8, 2012, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for one year.

About Kirkland’s, Inc.

Kirkland's, Inc. was founded in 1966 and is a specialty retailer of home décor in the United States. Although originally focused in the Southeast, the Company has grown beyond that region and currently operates 299 stores in 30 states. The Company's stores present a broad selection of distinctive merchandise, including framed art, mirrors, candles, lamps, picture frames, accent rugs, garden accessories and artificial floral products. The Company's stores also offer an extensive assortment of gifts, as well as seasonal merchandise. More information can be found at

Forward-Looking Statements

Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Kirkland's actual results to differ materially from forecasted results. Those risks and uncertainties include, among other things, the competitive environment in the home décor industry in general and in Kirkland's specific market areas, inflation, product availability and growth opportunities, seasonal fluctuations, and economic conditions in general. Those and other risks are more fully described in Kirkland's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K filed on April 14, 2011. Kirkland's disclaims any obligation to update any such factors or to publicly announce results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
(dollars in thousands, except per share amounts)
13-Week Period Ended
January 28, January 29,
2012 2011
Net sales $ 149,110 $ 139,606
Cost of sales   84,982   80,521
Gross profit 64,128 59,085
Operating expenses:
Operating expenses 36,551 33,371
Depreciation   3,522   3,523
Operating income 24,055 22,191
Other income, net   64   46
Income before income taxes 24,119 22,237
Income tax expense   8,941   7,855
Net income $ 15,178 $ 14,382
Earnings per share:
Basic $ 0.80 $ 0.72
Diluted $ 0.78 $ 0.70
Shares used to calculate earnings per share:
Basic   19,037   19,902
Diluted   19,413   20,549
(dollars in thousands, except per share amounts)
52-Week Period Ended
January 28, January 29,
2012 2011
Net sales $ 430,285 $ 415,300
Cost of sales   261,091   244,764
Gross profit 169,194 170,536
Operating expenses:
Operating expenses 126,279 115,745
Depreciation   12,410   12,817
Operating income 30,505 41,974
Other income, net   65   194
Income before income taxes 30,570 42,168
Income tax expense   11,455   15,737
Net income $ 19,115 $ 26,431
Earnings per share:
Basic $ 0.97 $ 1.33
Diluted $ 0.95 $ 1.28
Shares used to calculate earnings per share:
Basic   19,707   19,855
Diluted   20,227   20,578
(dollars in thousands)
January 28, January 29,
2012 2011
Current assets:
Cash and cash equivalents $ 83,123 $ 91,222
Inventories, net 47,306 44,452
Deferred income taxes 1,657 3,528
Other current assets   7,784   7,468
Total current assets 139,870 146,670
Property and equipment, net 60,315 46,231
Non-current deferred income taxes 1,108 1,440
Other assets   1,296   736
Total assets $ 202,589 $ 195,077
Current liabilities:
Accounts payable $ 21,592 $ 20,236
Income taxes payable 3,146 1,289
Other current liabilities   21,805   24,364
Total current liabilities 46,543 45,889
Deferred rent and other long-term liabilities   38,384   30,899
Total liabilities   84,927   76,788
Net shareholders' equity   117,662   118,289
Total liabilities and shareholders' equity $ 202,589 $ 195,077
(dollars in thousands)
52-Week Period Ended
January 28, January 29,
2012 2011
Net cash provided by (used in):
Operating activities $ 41,765 $ 36,700
Investing activities (26,652 ) (22,596 )
Financing activities   (23,212 )   706  
Cash and cash equivalents:
Net increase (decrease) (8,099 ) 14,810
Beginning of the period   91,222     76,412  
End of the period $ 83,123   $ 91,222  

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