Kirkland's sees sales increase at stores open at least a year
Retailer reports fiscal fourth quarter and 2008 year-end results
-- Home Accents Today, 3/20/2009 6:26:00 AM
March 20, 2009 – Comparable store sales at Kirkland's, Inc. increased 3.6% for the fiscal year ended Jan. 31, 2009, compared to a 13.3% decrease in the prior year, the Jackson, Tenn. home furnishings retailer announced today. Net sales for the 52-week period ended Jan. 31, 2009, were $391.3 million compared with $396.7 million for the 52-week period ended Feb. 2, 2008.
Comparable store sales for the fourth quarter of fiscal 2008 increased 5.3% compared with a 12.6% comparable store sales decrease in the fourth quarter of fiscal 2007. The company’s fiscal fourth quarter net sales were $133.6 million, compared to $138.3 million reported for the 13-week period ended Feb. 2, 2008. The company closed 22 stores during the quarter to end the period with 299 stores, compared with 335 stores at the end of the prior-year quarter.
Robert Alderson, Kirkland's president and CEO, said, "Inventories remain on-plan and current, and our liquidity position is the strongest it has been in several years. While it is early yet, we are also encouraged by positive sales and margin trends experienced so far in the first quarter of 2009. The decisions many retailers are being forced to make in today's economy related to paring unproductive stores, renegotiating leases, and cutting overhead costs were already made or underway at Kirkland's over the last 16 months.”
Alderson said the company is pursuing a “disciplined strategy” with respect to new store openings, which will involve replacing closing mall stores with new openings in core geographic areas.
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