Kirkland's, Inc. (KIRK) Misses Q2 EPS by 2c; Announces CFO Transition

Kirkland's, Inc. (NASDAQ: KIRK) reported Q2 EPS of ($0.06), $0.02 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $103.5 million versus the consensus estimate of $104.34 million.

Comparable store sales for the 13 weeks ended August 2, 2014, including e-commerce sales, increased 3.6% compared with a decrease of 0.2% in the prior-year quarter.

Kirkland's, Inc. sees FY14 EPS of $0.87 - $0.97, versus the consensus of $0.99. Comps expected to rise 3 to 4.5 percent.

The company also announced that W. Michael Madden, the Company’s Senior Vice President and Chief Financial Officer, has been promoted to President and Chief Operating Officer, effective immediately. Kirkland’s expects Mr. Madden to assume the role of Chief Executive Officer after a period of orderly transition. Mr. Madden will remain the company’s principal financial officer pursuant to S.E.C requirements.

The Company also announced that Michelle R. Graul, the Company’s Senior Vice President of Stores/Human Resources, has been promoted to Executive Vice President of Stores and Merchandising, and Adam C. Holland, the Company’s Vice President of Finance, has been promoted to Chief Accounting Officer, effective immediately.

Mr. Alderson, the Company’s Chief Executive Officer, noted, “Kirkland’s deep and experienced senior leadership team has been integral in restoring our stability and profitability as well as rebuilding shareholder value. I'm pleased that the Board has recognized Mike’s many contributions to our success and his outstanding leadership potential. I’ve worked closely with Mike for the last eight years as CFO, and he filled in admirably during my illness over a year ago. His experience, knowledge of Kirkland’s culture, and vision for our future make him the best person to lead Kirkland’s through our next phase of growth.

“Michelle’s extensive store operations, human resources and visual merchandising experience, as well as demonstrated leadership ability, uniquely qualify her for this expanded role. Along with Mike and other members of the senior team, she will continue to lead our efforts in improving the Kirkland’s store experience and enhancing our merchandise team and offering. Adam has been a key member of our finance team for the last nine years and has continually increased his contribution and responsibility in our strategic functions, accounting, and regulatory reporting. We are confident in his ability to excel in his new and expanded role.”

For earnings history and earnings-related data on Kirkland's, Inc. (KIRK) click here.

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