Nashville, Tennessee-based specialty retailer of home décor,
Kirkland's Inc. ( KIRK ) reported sales
figures for the fourteen weeks ended on Feb 2.
On a 13-week basis (to facilitate comparison), the company
posted a 2.6% decline in comparable-store sales from the year-ago
period when comps had increased 1.4%.
Net sales for the fourteen weeks ended Feb 2, 2013 moved up 9.0%
to $162.6 million from $149.1 million in the year-ago quarter.
First quarter comparative sales were within the guidance
provided by the company. During its third quarter conference call
in Nov 2012, Kirkland's had forecast first quarter sales in the
range of $160 - $163 million. However, the company anticipated that
comparable store sales would decrease by 2% to 5%. This estimate
used a thirteen week to thirteen week comparison.
During the fourth quarter of 2012, Kirkland's opened 17 stores
and shut down two stores. As of Apr 28, 2012, Kirkland's operated
With consumers regaining confidence, Jan 2013 was strong for
most retailers, including Gap Inc. ( GPS ), Ross
Stores Inc. (ROST) and Costco Wholesale
Corporation ( COST ) which
registered comps growth of 8%, 4% and 4%, respectively.
Kirkland's expects to report its earnings results for the fourth
quarter of fiscal 2012 ending Jan 2013 on Mar 14, 2013.
Excluding the effect of an extra week this year, comparable
store sales slipped 3.0% when compared with a decline of 4.0% in
the prior-year period. Net sales for the period jumped 4.2% to
$448.0 million from $430.3 million in the prior-year period.
The company reiterated its fourth-quarter guidance of 71 cents
to 76 cents per share. The Zacks Consensus Estimate is pegged at 74
cents per share, within the guided range.
Currently, Kirkland's carries Zacks Rank #1 (Strong Buy).COSTCO WHOLE CP (COST): Free Stock Analysis
ReportGAP INC (GPS): Free Stock Analysis ReportKIRKLANDS INC (KIRK): Free Stock Analysis
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