Kirkland’s to Restate Earnings

Jackson, Tenn., Kirkland’s said that it will restate its prior-period financial statements to reflect certain corrections to its lease-related accounting.

For the fourth quarter of fiscal 2004, ended Jan. 29, the company posted net income of $11.6 million, down from $14.4 million in the prior-year period. For the full year, the company’s net income decreased to $6.6 million, down from $18 million in the previous year.

Net sales for the quarter increased 8.7% to $144.3 million. Comparable-store sales for the quarter decreased 4.9%. Net sales for the 52 weeks increased 6.8% to $394.4 million. Comparable-store sales for 2004 decreased 5.2%.