Kirkland's, Inc. (NASDAQ: KIRK) today reported sales for the 13-week
period ended April 28, 2012.
Net sales for the 13 weeks ended April 28, 2012, increased 3.6% to $97.8
million compared with $94.4 million for the prior-year quarter.
Comparable store sales for the first quarter of fiscal 2012 decreased
1.2% compared with a decrease of 8.4% in the prior-year quarter.
Kirkland's opened 5 stores and closed 17 during the first quarter of
2012, bringing the total number of stores to 297 at quarter end.
During the first quarter of fiscal 2012, the Company repurchased 219,434
shares of common stock for a total of $3.2 million, or an average price
of $14.60 per share. The Company has $13.4 million remaining under its
repurchase authorization.
Based on these results, Kirkland's announced that it expects to report
earnings for the first quarter of fiscal 2012 in the range of $0.08 to
$0.10 per diluted share compared to its previous guidance range of $0.11
to $0.14.
Kirkland's will issue its earnings release for the first quarter before
the market opens on Friday, May 18, 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 Friday, May 25, 2012, by dialing (402)
977-9140 and entering the confirmation number, 21575898.
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=86292
on May 18, 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 297 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 12, 2012.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, 615-872-4800
Senior Vice
President & CFO
or
Corporate Communications, Inc.
Tripp
Sullivan, 615-324-7335