Kirkland's Inc. (KIRK: Quote) posted a drop in first-quarter net income to $2.0 million, or $0.10 per share, from $3.2 million, or $0.15 per share in the previous year. On average, 4 analysts polled by Thomson Reuters expected earnings per share of $0.10 for the quarter. Analysts' estimates typically exclude one-time items.
However, net sales for the 13 weeks increased 3.6% to $97.8 million from $94.4 million for the prior-year quarter. Analysts estimated revenues of $97.80 million for the quarter. Comparable-store sales for the first quarter slid 1.2% compared with a decrease of 8.4% a year ago.
Looking ahead to the second quarter, the company sees a net loss of $0.07 - $0.11 per share and net sales of $94 million - $96 million, with comparable store sales flat to down 3%. Kirkland's expects to open nearly 10 to 12 stores and close some 5 stores during the quarter.
For fiscal 2012, earnings per share are forecasted to be in the range of $0.87 - $0.97 on total sales to grow in the range of 7% - 9%, while 4 analysts project full-year earnings of $1.06 per share.
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by RTT Staff Writer
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