Nashville, Tennessee-based specialty retailer of home décor, Kirkland's Inc. (KIRK), posted a 1.2% decline in comparable-store sales for the thirteen-weeks ended April 28, 2012 compared with an 8.4% decline in the prior-year period. Total sales for the period moved up 3.6% to $97.8 million from $94.4 million in year-ago quarter.
First quarter comparative sales were within the guidance provided by the company. In March 2012, Kirkland’s had forecasted first quarter sales in the range of $98 – $100 million. However, the company was anticipating comparable store sales to remain flat or increase slightly in the first quarter of fiscal 2012.
Ross Stores Inc. (ROST), a close competitor of Kirkland’s, performed strongly in the first quarter ended April 28, 2012. Ross’ total sales grew 14% to $2.4 billion versus $2.1 billion reported in the year-ago period. Same store sales grew 9% over the prior-year period.
During the first quarter of 2012, Kirkland’s opened 5 stores and shut down 17 stores. As of April 28, 2012, Kirkland’s operated 297 stores.
Kirkland’s expects to report its earnings results for the first quarter of fiscal 2012 ending April 28, 2012 on May 18, 2012. Kirkland’s reported sales for two months of the first quarter of fiscal 2012 on April 9, 2012.
Comparable store sales slipped 1.3% for the nine-week period ended March 31, 2012 compared with a decline of 8.9% in the prior-year period. Net sales for the period jumped 3.4% to $71.4 million from $69.0 million in the prior-year period.
The company lowered its guidance for the first quarter 2012 to 8 cents – 10 cents per diluted share from its prior guidance of 11 cents – 14 cents. The Zacks Consensus Estimate is pegged at 10 cents per share.
Currently, we have a long term Underperform rating with a short term Zacks #5 Rank (short-term Strong Sell rating).
KIRKLANDS INC (KIRK): Free Stock Analysis Report
ROSS STORES (ROST): Free Stock Analysis Report
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