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Kirkland’s Q3 results surpass expectations


Nashville - Kirkland’s Inc. reported net income of $1.3 million in the third quarter of fiscal 2014, a 30% increase from $1 million the same quarter in the previous fiscal year. Higher gross profit helped boost net income.

The retailer beat Wall Street expectations with net income as well as with net sales of $117.2 million, up 10% from $106.1 million.

Same-store sales rose 6.3%, including e-commerce sales. For the fourth quarter, the company expects to open 11 stores and close four stores. For fiscal 2014, this represents 34 new store openings and 14 closings.

For the fourth quarter, Kirkland's said it expects revenue in the range of $172 million to $175 million, with full year revenue ranging from $501 million to $504 million.

“The Kirkland’s brand continues to resonate with customers looking to fill their home décor and seasonal needs. Traffic was positive in the quarter, merchandise margins built on last year’s gains and demand was strong across both our seasonal and core product categories. Overall, we are encouraged by the progress our team is making to leverage investments in supply chain, technology, marketing and real estate. We look forward to executing a strong finish to fiscal 2014.”
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