Mar 20, 2009 |
Kirkland's Reports Fourth Quarter Results |
Fourth Quarter Highlights:
Comparable store sales increase 5.3% Diluted EPS increases 850% to $0.76 Available cash improves to $36.4 million, or $1.84 per diluted share
Fiscal 2008 Highlights:
Comparable store sales increase 3.6% EPS of $0.47 reverses prior-year loss Ends the year with no debt and no draws all year on the line of credit Issues general operating and financial guidance for Fiscal 2009
JACKSON, Tenn. (March 20, 2009) — Kirkland's, Inc. (NASDAQ: KIRK) today reported financial results for the 13-week and 52-week periods ended January 31, 2009.
Net sales for the 13-week period ended January 31, 2009, were $133.6 million compared with $138.3 million for the 13-week period ended February 2, 2008. Comparable store sales for the fourth quarter of fiscal 2008 increased 5.3% compared with a 12.6% comparable store sales decrease in the fourth quarter of fiscal 2007. Comparable store sales in mall stores increased 8.2% for the fourth quarter, and comparable store sales in off-mall stores increased 4.0%. The Company closed 22 stores during the quarter to end the period with 299 stores, compared with 335 stores at the end of the prior-year quarter.
Net sales for the 52-week period ended January 31, 2009, were $391.3 million compared with $396.7 million for the 52-week period ended February 2, 2008. Comparable store sales for the 52-week period ended January 31, 2009, increased 3.6% compared with a 13.3% decrease in the prior-year period.
During the 52-week period ended January 31, 2009, comparable store sales in mall stores increased 6.9% while comparable store sales in off-mall stores increased 2.1%.
The Company reported net income of $15.0 million, or $0.76 per diluted share, for the 13-week period ended January 31, 2009, compared with net income of $1.5 million, or $0.08 per diluted share, in the 13-week period ended February 2, 2008. Income tax expense for the 13-week period ended January 31, 2009 includes a benefit of approximately $3.4 million, or $0.17 per diluted share, related to the reversal of a portion of the valuation allowance on the Company's deferred tax assets established in fiscal 2007. The prior-year period included an impairment charge of $1.4 million, or $0.07 per share, related to 100% of the carrying value of its goodwill, and impairment charges totaling $1.3 million, or $0.07 per share, related to fixed assets associated with underperforming stores.
The Company reported net income of $9.3 million, or $0.47 per diluted share, for the 52-week period ended January 31, 2009, compared with a net loss of $25.9 million, or $1.33 per share, for the 52-week period ended February 2, 2008. Income tax expense for the 52-week period ended January 31, 2009 includes a benefit of approximately $3.4 million, or $0.17 per diluted share, related to the reversal of a portion of the valuation allowance on the Company's deferred tax assets established in fiscal 2007.
Click on attachment for entire release and financial tables.
|
Give Feedback |
|