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Kirkland's: KirklandS Reports Third Quarter 2015 Results

The following excerpt is from the company's SEC filing.

NASHVILLE, Tenn. (November 19, 2015) Kirklands, Inc. (NASDAQ: KIRK) today reported financial results for the 13-week and 39-week periods ended October 31, 2015.

Net sales for the 13 weeks ended October 31, 2015, increased 10.3% to $129.2 million compared with $117.2 million for the 13 weeks ended November 1, 2014. Comparable store sales for the third quarter of fiscal 2015, including e-commerce sales, increased 1.8% compared with a comparable store sales increase of 6.3% in the prior-year quarter. Kirklands opened 21 stores and closed two during the third quarter of 2015, bringing the total number of s tores to 370 at quarter end.

Net sales for the 39 weeks ended October 31, 2015, increased 10.3% to $362.8 million compared with $328.9 million for the 39 weeks ended November 1, 2014. Comparable store sales, including e-commerce sales, increased 3.7% for the 39 weeks ended October 31, 2015 compared with an increase of 5.0% in the prior-year period. Kirklands opened 31 stores and closed five during the 39-week period.

For the 13 weeks ended October 31, 2015, the Company reported a net loss of $0.3 million, or ($0.02) per diluted share. The loss includes a tax benefit of $0.02 per diluted share relating to state employment and investment credits. The Company reported net income of $1.3 million, or $0.07 per diluted share, for the 13 weeks ended November 1, 2014.

For the 39 weeks ended October 31, 2015, the Company reported a net loss of $0.03 million, or ($0.00) per diluted share, compared with net income of $2.3 million, or $0.13 per diluted share, for the 39 weeks ended November 1, 2014. Adjusted net income for the 39 weeks ended October 31, 2015 was $0.3 million, or $0.02 per diluted share. Adjusted net income for the 39 weeks ended October 31, 2015 excludes a $0.02 per diluted share charge in the first quarter of 2015 related to the retirement of the Companys previous CEO.

Mike Madden, Kirklands President and Chief Executive Officer, said, While our fall seasonal merchandise performed well and e-commerce revenues exceeded our expectations, we were disappointed with our third quarter results. Comparable sales were impacted by soft traffic including weakness in Texas, where we have our highest concentration of stores. Merchandise margins were lower due primarily to an increase in promotional activity to stimulate traffic and manage inventory levels, as well as higher supply chain costs.

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KIRK Reports Third Fiscal Quarter 2015 Results

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November 19, 2015

Mr. Madden continued, Our revised guidance assumes traffic challenges persist. Yet the bulk of the holiday selling season is ahead of us and we believe we have a strong and engaging holiday assortment as...


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