Kirkland's reports 1st quarter 2013 results
May 23, 2013,
NASHVILLE, Tenn. - Kirkland's, Inc. today reported financial results for the 13-week period ended May 4, 2013.
Net sales for the 13 weeks ended May 4, 2013, increased 3.5% to $101.2 million compared with $97.8 million for the prior-year quarter. Comparable store sales, including e-commerce sales, for the first quarter of fiscal 2013 decreased 2.3% compared with a decrease of 1.2% in the prior-year quarter. The home décor retailer opened one store and closed seven during the first quarter of fiscal 2013, bringing the total number of stores to 317 at quarter end.
For the fiscal year 2013 ending Feb. 1, 2014, the company expects to open 25 new stores and close 15. New store openings will be weighted more toward the second and third quarters of the year, while closings will be weighted more toward the first half of the year.
Total sales are expected to increase approximately 3% to 5% compared with 53-week fiscal 2012. This level of total sales performance implies comparable store sales results of flat to a slight increase for fiscal 2013.
Based on the current outlook, inbound freight costs should be higher for the second quarter, but improve in the second half of the year offsetting the negative first half margin impact.
Kirkland's, Inc. was founded in 1966 and operates 315 stores in 35 states.
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