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Kirkland's Reports Third Quarter 2012 Results

Fourth Quarter and Fiscal 2012 Outlook

   

Store Growth:

For the 14-week period ending February 2, 2013 (“the fourth quarter”), the Company expects to open 17 new stores and close approximately 2 stores. For fiscal 2012, this represents 42 new store openings and 28 closings, a unit increase of approximately 4.5% and a square footage increase of approximately 10%.

 

Sales:

The Company expects total sales for the fourth quarter to range between $160 million and $163 million, inclusive of the additional week in the retail calendar this year. This implies a comparable store sales decrease of 2% to 5% using a 13-week to 13-week comparison. Total sales for fiscal 2012 are expected to be in the range of $445.5 million to $448.5 million, implying a comparable store sales decrease of 3% to 4% on a 52-week to 52-week comparative basis.

 

Earnings:

The Company expects earnings per share for the fourth quarter to be in the range of $0.71 to $0.76, which would equate to earnings per share for fiscal 2012 of $0.67 to $0.72. The Company expects its effective tax rate for fiscal 2012 to range between 38% and 38.5%.

 

Cash Flow:

Capital expenditures in fiscal 2012 are estimated to range between $30 million and $32 million. Based on the above assumptions, the Company expects to have approximately $61 million to $64 million in cash and cash equivalents at year-end fiscal 2012.

 

Investor Conference Call and Web Simulcast

Kirkland’s will host a conference call at 11:00 a.m. ET today to discuss the third quarter results. The number to call for the interactive teleconference is (212) 231-2919. A replay of the conference call will be available through Tuesday, November 27, 2012, by dialing (402) 977-9140 and entering the confirmation number, 21575900.

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