Kirkland's Inc. (KIRK) reported a second-quarter net loss of $2.0 million, or $0.11 per share, compared with a net loss of $0.5 million, or $0.02 per share, for the second quarter of fiscal 2011.
Net sales for the quarter increased 1.5% to $91.0 million compared with $89.7 million last year. Comparable store sales, including e-commerce, for the second quarter of fiscal 2012 decreased 3.6% compared with a decrease of 8.0% in the prior-year quarter.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.08 per share on revenues of $94.41 million for the second-quarter. Analysts' estimates typically exclude special items.
For the third quarter ending October 27, 2012, the Company expects a net loss of $0.03 to $0.07 per diluted share compared with net income of $0.06 per share in the prior-year quarter. Net sales are expected to be $97 million to $99 million, with comparable store sales down 3% to 5%. The Company expects to open approximately 14 to 16 stores and close approximately 4 stores during the quarter. Analysts expect the company to report earnings of $0.02 per share on revenues of $101.93 million for the third-quarter.
The company now expects earnings per share for fiscal 2012 to be in the range of $0.72 to $0.82, compared to prior estimate of $0.87 to $0.97 per share.
The company now expects total sales for fiscal 2012 to increase in the range of 4% to 6% compared with fiscal 2011. This level of sales growth would imply a comparable store sales decrease in the low single digit range, excluding the impact of the additional week of sales. Earlier, the company has expected sales to increase in the range of 7 to 9 percent.
The Company expects to open 40 to 44 new stores and close approximately 30 stores. This expected unit growth of approximately 4% would represent an increase in company-wide square footage of approximately 9%. Analysts expect the company to report earnings of $0.91 per share on revenues of $466.01 million for fiscal 2012.
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