Kirkland’s, Inc. (KIRK) (NASDAQ: KIRK) reported financial results for the 13-week and 26-week periods ended July 30, 2016.
Net sales for the 13 weeks ended July 30, 2016 increased 6.7% to $123.0 million compared with $115.3 million for the 13 weeks ended August 1, 2015. Comparable store sales for the second quarter of fiscal 2016, including e-commerce sales, decreased 4.3% compared with a comparable store sales increase of 6.7% in the prior-year quarter. Kirkland’s opened 13 stores and closed 4 stores during the second quarter, bringing the total number of stores to 391 at quarter end.
Net sales for the 26 weeks ended July 30, 2016, increased 8.3% to $252.9 million compared with $233.6 million for the 26 weeks ended August 1, 2015. Comparable store sales, including e-commerce, for the 26 weeks ended July 30, 2016 decreased 1.8% compared with an increase of 4.8% in the prior-year period. Kirkland’s opened 27 stores and closed 12 during the 26-week period.
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For the 13 weeks ended July 30, 2016, the Company reported a net loss of $3.6 million, or ($0.22) per diluted share compared with a net loss of $2.3 million, or ($0.13) per diluted share, for the 13 weeks ended August 1, 2015. For the 26 weeks ended July 30, 2016, the Company reported a net loss of $2.7 million, or ($0.17) per diluted share compared with net income of $0.2 million, or $0.01 per diluted share, for the 26 weeks ended August 1, 2015.
«The second quarter was challenging as our retail locations experienced weak traffic,» said Mike Madden, President and Chief Executive Officer. «E-commerce revenue increased a strong 37% in the quarter, and we’re on track to meet our store opening plans for 2016. Operating costs as a percentage of sales declined, reflecting efforts to tightly manage store and corporate expenses. Gross margin was impacted by deleverage of store occupancy and distribution costs.»
«Traffic remains under pressure as we enter the second half and we’ve adjusted our full-year guidance to incorporate a more conservative outlook,» continued Mr. Madden. «Our seasonal merchandise is performing well thus far and we have planned deeper buys in categories that are trending favorably. Our fall marketing campaign reflects a better balance of value and inspiration, and we’re making improvements to our omni-channel delivery and execution. We’re confident these initiatives can improve our sales performance and we’ll continue to control our expenses and inventories as traffic issues persist. With further execution on our strategy, Kirkland’s is well positioned to deliver stronger sales and earnings growth over the long term.»
About Kirkland’s, Inc.
Kirkland’s, Inc. was founded in 1966 and is a specialty retailer of home décor in the United States. Although originally focused in the Southeast, the Company has grown beyond that region and currently operates 392 stores in 36 states. The Company’s stores present a broad selection of distinctive merchandise, including framed art, mirrors, candles, lamps, picture frames, accent rugs, garden accessories and artificial floral products. The Company’s stores also offer an extensive assortment of gifts, as well as seasonal merchandise. More information can be found at www.kirklands.com.
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