Kirkland’s promotes COO to chief role on heels of strong holiday results

Nashville, Tenn. -- It’s a changing of the guard at Kirkland's. Following its successful holiday performance, the home goods company announced that current president and COO Mike Madden will step into the CEO role, effective Feb. 8. He succeeds Robert Alderson, who will remain on the company’s board, which is being expanded to accommodate his addition.



The seeds of the transition were planted last August when Madden was appointed to the role of president and COO after serving as senior VP and CFO since 2008. Madden joined Kirkland’s in 2000 and held several senior roles in the finance area.



In other management changes, Adam Holland, most recently VP of finance and chief accounting officer, will be appointed VP and CFO, also effective Feb. 8.



The changes come as Kirkland's reported that its sales for the fourth quarter ended Jan. 31 increased 14.5% to $178.7 million. Same-store sales rose 8.2%.



Full year sales increased 10.2% to $507.6 million and same-store sales increased 6.1%. The topline was aided by the addition of 34 new stores during the year, 11 of which opened during the fourth quarter. Based on the sales results, Kirkland's raised its earnings estimate for both the quarter and its 2014 fiscal year.



"The transition we've finalized today caps a period of tremendous progress for Kirkland's and sets our organization on a clear course for profitable growth as we expand our store and e-commerce channels," stated Wilson Orr, chairman of the company's board. "Our strong momentum to end 2014 -- marked by record sales and increased earnings guidance -- is a tangible outcome of investments to fortify our technology and deepen our team. None of this would have been possible without Robert's exemplary leadership, and we're pleased he will continue to serve on the board."



Kirkland’s operates 344 stores in 35 states.