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Kirkland's Reports Second Quarter 2012 Results

Stocks in this article: KIRK

Kirkland's, Inc. (NASDAQ: KIRK) today reported financial results for the 13-week and 26-week periods ended July 28, 2012.

Net sales for the 13 weeks ended July 28, 2012, increased 1.5% to $91.0 million compared with $89.7 million for 13-week period ended July 30, 2011. Comparable store sales, including e-commerce, for the second quarter of fiscal 2012 decreased 3.6% compared with a decrease of 8.0% in the prior-year quarter. Kirkland’s opened 10 stores and closed 5 during the second quarter of 2012, bringing the total number of stores to 302 at quarter end.

Net sales for the 26-week period ended July 28, 2012, increased 2.6% to $188.8 million compared with $184.1 million for the 26-week period ended July 30, 2011. Comparable store sales, including e-commerce, for the 26 weeks ended July 28, 2012, decreased 2.4% compared with a decrease of 8.2% in the prior-year period. The Company opened 15 stores and closed 22 stores during the 26-week period.

The Company reported a net loss of $2.0 million, or $0.11 per diluted share, for the second quarter of fiscal 2012 compared with a net loss of $0.5 million, or $0.02 per diluted share, for the second quarter of fiscal 2011.

For the 26-week period ended July 28, 2012, the Company reported a net loss of $42,000, or $0.00 per diluted share, compared with net income of $2.7 million, or $0.13 per diluted share, for the 26-week period ended July 30, 2011.

Commenting on the second quarter results, Robert Alderson, Kirkland's President and Chief Executive Officer, said, “The distinct change in consumer sentiment we noted a few months ago continued throughout this quarter and pressured our results. While sales in the stores were below what we expected and e-commerce better-than-anticipated, promotional activity was more extensive than normal for the second quarter and impacted merchandise margins.

“We have yet to see the sustained demand necessary to drive the results we all expect from Kirkland’s, but we are aggressively addressing these trends to position us for improved performance over the next several quarters. We are pursuing an expansion of our e-commerce business, a new brand strategy, a major store layout redesign and leveraging the rollout of new information systems to improve our merchandise buying and planning execution.”

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