| Aug 20, 2010 |
| Kirkland's Reports Second Quarter Results |
Second Quarter Highlights:
• Comparable store sales increase 1.0%
• Reports Diluted EPS of $0.16 versus $0.17 ($0.14 Adjusted)
• Total sales increased 2.1% on 9 fewer stores on average from a year ago
• Cash balance improves to $65.7 million versus $38.5 million a year ago
• Revises performance goals for fiscal 2010
NASHVILLE, Tenn. (August 20, 2010) — Kirkland's, Inc. (NASDAQ: KIRK) today reported financial
results for the 13-week and 26-week periods ended July 31, 2010.
Net sales for the 13-week period ended July 31, 2010 increased 2.1% to $89.5 million compared with $87.7 million for the 13-week period ended August 1, 2009. During the 13-week period, the Company operated an average of 282 stores as compared to 291 in the prior-year period. Comparable store sales for the second quarter of fiscal 2010 increased 1.0% compared with an increase of 6.1% in the prior-year period. The Company opened seven stores and closed two stores during the quarter to end the period with 286 stores.
Net sales for the 26-week period ended July 31, 2010 increased 7.0% to $183.0 million compared with $171.0 million for the 26-week period ended August 1, 2009. Comparable store sales for the 26 weeks ended July 31, 2010 increased 6.6% compared with an increase of 5.7% in the prior year period. The Company opened 13 stores and closed six stores during the 26-week period.
The Company reported net income of $3.3 million, or $0.16 per diluted share, for the second quarter of fiscal 2010 compared with net income of $3.4 million, or $0.17 per diluted share, for the second quarter of fiscal 2009. Income tax expense for the second quarter of fiscal 2009 included a benefit of approximately $0.6 million, or $0.03 per diluted share, related to the reversal of a portion of the valuation allowance on the Company's deferred tax assets established in prior periods.
For the 26-week period, the Company reported net income of $9.8 million, or $0.47 per diluted share, compared with a net income of $6.9 million, or $0.34 per diluted share in the prior-year period. Income tax expense for the first half of fiscal 2009 included a benefit of approximately $1.6 million, or $0.08 per diluted share, related to the reversal of a portion of the valuation allowance on the Company's deferred tax assets established in prior periods.
Click on attachment for entire release and financial tables.
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