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Kirkland's (KIRK) Reports Q4 Sales of $199M

February 4, 2016 5:47 PM EST

Kirkland's, Inc. (NASDAQ: KIRK) today reported sales for the 13-week and 52-week periods ended January 30, 2016. Net sales for the 13 weeks ended January 30, 2016, increased 11.4% to $199.0 million compared with $178.7 million for the 13 weeks ended January 31, 2015. Comparable store sales for the fourth quarter of fiscal 2015, including e-commerce sales, rose 1.3% compared with an increase of 8.2% in the prior-year quarter. Kirkland's opened 12 stores and closed six during the fourth quarter, bringing the total number of stores to 376 at quarter end.

Net sales for the 52 weeks ended January 30, 2016, increased 10.7%, to $561.8 million compared with $507.6 million for the 52 weeks ended January 31, 2015. Comparable store sales for fiscal 2015, including e-commerce sales, increased 2.9% compared with a 6.1% increase in fiscal 2014. The Company opened 43 stores and closed 11 during fiscal 2015.

During the quarter Kirkland's repurchased 1,398,667 shares for $19.3 million, completing its $30 million share repurchase plan authorized in May 2014. Based on this activity, the weighted average diluted share count is expected to be approximately 17.1 million and 17.6 million for the 13 weeks and 52 weeks ended January 30, 2016, respectively.

"Promotional levels were higher during the quarter, as we had anticipated," said Mike Madden, Kirkland's President and Chief Executive Officer. "Adverse weather provided traffic challenges in late January, yet we expect fourth quarter earnings for fiscal 2015 to be within our existing guidance range of $0.88 to $0.95 per diluted share."

The Company continues to expect adjusted fiscal 2015 earnings per diluted share in the range of $0.89 to $0.96, excluding a $0.02 per diluted share charge related to the retirement of the Company's previous CEO.

Kirkland's will issue its earnings release for the fourth quarter before the market opens on Friday, March 11, 2016, and will host a conference call on the same day at 11:00 a.m. ET. The number to call for the interactive teleconference is (412) 542-4163.



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