Kirklands seeks merchandising turnaround
By Staff -- Home Textiles Today, 3/16/2007 12:18:00 PM
Jackson, Tenn. – Home décor specialty retailer Kirkland’s reported fourth-quarter net sales of $167.5 million, up 9.2% to from $15.3.4 million for the same period one year ago. However, comp-store sales fell 6.1%, on top of a year-ago decrease of 5.0%.
Net income for the quarter was $11.4 million, up 12.9% over $10.1 a year ago.
Full year results included sales up 7.6% to $446.8 million and a net loss of $0.1 million, compared to prior-year income of $0.2 million. Full year comps fell 6.6% over a 2005 comp drop of 6.9%.
Robert Alderson, ceo, said, "We were able to maintain margin while aggressively moving merchandise in our January clearance event and keeping operating costs in line. We are making progress in realizing our merchandise vision for stores, but we still have significant work and opportunity ahead of us to clearly reflect that vision and to provide the correctly balanced inventory mix to drive sales."
Alderson added, "Key hires in the merchandising group late in the fourth quarter bring us closer to assembling the team to lead our turnaround. We are continuing our search for a dynamic and experienced store leader.”
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