Kirkland's, Inc. (NASDAQ: KIRK) today reported sales for the 13-week and
52-week periods ended January 28, 2012.
Net sales for the 13 weeks ended January 28, 2012, increased 6.4% to
$148.5 million compared with $139.6 million for the prior-year quarter.
Comparable store sales for the fourth quarter of fiscal 2011 increased
1.4% compared with a decrease of 7.9% in the prior-year quarter.
E-commerce sales entered the base of comparable stores during December
2011, and contributed 80 basis points to the overall comparable store
sales increase for the fourth quarter. Kirkland's opened 11 stores and
closed 3 during the fourth quarter of 2011, bringing the total number of
stores to 309 at year end.
Net sales for the 52-weeks ended January 28, 2012, increased 3.5% to
$429.7 million compared with $415.3 million for the 52-weeks ended
January 29, 2011. Comparable store sales for fiscal 2011 decreased 4.0%
compared with a 0.5% decrease in fiscal 2010. The Company opened 34
stores and closed 25 during fiscal 2011.
During the fourth quarter of fiscal 2011, the Company repurchased
1,194,992 shares of common stock for a total of $15.4 million, or an
average price of $12.90 per share. The Company has $16.6 million
remaining under its repurchase authorization.
Based on these results, Kirkland's announced that it expects to report
earnings of $0.72 to $0.75 per diluted share for the fourth quarter of
fiscal 2011 and earnings of $0.88 to $0.91 per diluted share for fiscal
2011.
Kirkland's will issue its earnings release for the fourth quarter before
the market opens on Thursday, March 8, 2012, and will host a conference
call on the same day at 11:00 a.m. ET. 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 www.kirklands.com
under Investor Relations or http://www.videonewswire.com/event.asp?id=84811
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.
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 301 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 www.kirklands.com.
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.
Kirkland's, Inc.
W. Michael Madden, Senior Vice President & CFO,
615-872-4800
or
Corporate Communications, Inc.
Tripp
Sullivan, 615-324-7335