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8-K - LIVE FILING - KIRKLAND'S, INC | htm_44949.htm |
News Release
Contact: | W. Michael Madden Senior Vice President & CFO (615) 872-4800 |
Tripp Sullivan Corporate Communications, Inc. (615) 324-7335 |
KIRKLANDS REPORTS FIRST QUARTER SALES
NASHVILLE, Tenn. (May 3, 2012) Kirklands, 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. Kirklands 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, Kirklands 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.
Kirklands 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 Kirklands quarterly conference call will be available online at the Companys 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.
Kirklands, 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 Companys 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 Companys 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 Kirklands 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 Kirklands 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 Kirklands filings with the Securities and Exchange Commission, including the Companys Annual Report on Form 10-K filed on April 12, 2012. Kirklands 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.