Kirkland's (KIRK) Q4, FY13 Sales Fall Short; Cuts Outlook
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Price: $1.98 -12.78%
Revenue Growth %: -4.0%
Financial Fact:
Income tax provision (benefit): -768K
Today's EPS Names:
TOWN, NRIM, GCBC, More
Revenue Growth %: -4.0%
Financial Fact:
Income tax provision (benefit): -768K
Today's EPS Names:
TOWN, NRIM, GCBC, More
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Kirkland's, Inc. (NASDAQ: KIRK) reported sales for the 13-week and 52-week periods ended February 1, 2014.
Net sales for the 13 weeks ended February 1, 2014, decreased 4.2% to $156.1 million compared with $162.9 million for the 14 weeks ended February 2, 2013. On a 13-week basis, comparable store sales for the fourth quarter of fiscal 2013, including e-commerce sales, were flat compared with a decrease of 2.6% in the prior-year quarter. Kirkland’s opened 8 stores and closed 7 during the fourth quarter, bringing the total number of stores to 324 at quarter end.
Net sales for the 52 weeks ended February 1, 2014, increased 2.7% to $460.6 million compared with $448.4 million for the 53 weeks ended February 2, 2013. On a 52-week basis, comparable store sales for fiscal 2013, including e-commerce sales, increased 0.5% compared with a 3.0% decrease in fiscal 2012. The Company opened 24 stores and closed 23 during fiscal 2013.
*** Consensus expectations called for Q4 revs of $158.8 million and FY13 revs of $463.3 million.
Based on these results, Kirkland’s updated its guidance for the fourth quarter of fiscal 2013 to earnings of $0.66 to $0.68 per diluted share, bringing expected fiscal 2013 earnings to $0.79 to $0.81 per diluted share.
*** The Street is at Q4 EPS of $0.78 and FY13 EPS of $0.91.
Robert Alderson, Kirkland’s President and Chief Executive Officer, noted, “Not surprisingly, we have not been immune to the challenging weather and compressed holiday season that other retailers have noted to date in the quarter. Although we began with a strong November and a record Black Friday weekend, we experienced frequent and severe weather-related declines in traffic throughout December affecting important weekend sales days that could not be recovered. Sales trends improved during January, but were again negatively impacted by the latest group of storms affecting the South and Southeast. Winter will not last forever and as we enter fiscal 2014, we remain confident about our sales, multi-channel, branding and store growth plans.”
Net sales for the 13 weeks ended February 1, 2014, decreased 4.2% to $156.1 million compared with $162.9 million for the 14 weeks ended February 2, 2013. On a 13-week basis, comparable store sales for the fourth quarter of fiscal 2013, including e-commerce sales, were flat compared with a decrease of 2.6% in the prior-year quarter. Kirkland’s opened 8 stores and closed 7 during the fourth quarter, bringing the total number of stores to 324 at quarter end.
Net sales for the 52 weeks ended February 1, 2014, increased 2.7% to $460.6 million compared with $448.4 million for the 53 weeks ended February 2, 2013. On a 52-week basis, comparable store sales for fiscal 2013, including e-commerce sales, increased 0.5% compared with a 3.0% decrease in fiscal 2012. The Company opened 24 stores and closed 23 during fiscal 2013.
*** Consensus expectations called for Q4 revs of $158.8 million and FY13 revs of $463.3 million.
Based on these results, Kirkland’s updated its guidance for the fourth quarter of fiscal 2013 to earnings of $0.66 to $0.68 per diluted share, bringing expected fiscal 2013 earnings to $0.79 to $0.81 per diluted share.
*** The Street is at Q4 EPS of $0.78 and FY13 EPS of $0.91.
Robert Alderson, Kirkland’s President and Chief Executive Officer, noted, “Not surprisingly, we have not been immune to the challenging weather and compressed holiday season that other retailers have noted to date in the quarter. Although we began with a strong November and a record Black Friday weekend, we experienced frequent and severe weather-related declines in traffic throughout December affecting important weekend sales days that could not be recovered. Sales trends improved during January, but were again negatively impacted by the latest group of storms affecting the South and Southeast. Winter will not last forever and as we enter fiscal 2014, we remain confident about our sales, multi-channel, branding and store growth plans.”
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