Kirkland's reports 3Q sales decrease

JACKSON, Tenn. Kirkland's reported that net sales for the third quarter were $85.9 million compared with $88.7 million for the same period last year. Comparable-store sales for the third quarter of fiscal 2008 increased 1.2% compared with a 12.1% decrease in the third quarter of fiscal 2007.

The company reported a net loss of $1.5 million, or 7 cents per diluted share, for the third quarter of 2008 compared with a net loss of $10.7 million, or 55 cents per diluted share, for the third quarter of 2007.

Robert Alderson, Kirkland's president and ceo, said, "Building on comparable-store sales and margin improvement in the first two quarters of the year, we are pleased to announce positive comparable-store sales and strong merchandise margins again in the third quarter. We began and ended the quarter with clean inventories. We were able to generate solid results despite some challenges in September from the hurricane impact in the greater Houston area and resulting fuel prices and supply shortages, as well as the well-documented deterioration in the financial markets in October that eroded consumer confidence."