Kirkland's Goes from Loss to Gain in Q3
November 22, 2013,
NASHVILLE, Tenn.-Accelerated, stronger product margins and increased average ticket propelled Kirkland's to $1 million in net income for its third quarter, compared to a net loss of $416,000 in the third quarter of last year.
Net sales in the quarter, which ended on Nov. 2, rose 9.8 percent to $106.1 million. Robert Alderson, Kirkland's president and CEO, said, "Sales momentum was strong during the quarter, as our fall and holiday seasonal merchandise performed well." Alderson also noted that traffic improved sequentially during the quarter.
Benefitting from the gains in product margins and average ticket, gross margin increased 358 basis points to 38.8 percent. Selling, general and administrative expenses rose 10.8 percent in dollars and 62 basis points as a percentage of sales, to 33.4 percent.
Other Articles By Author
Patti Carpenter Talks Color and its Importance in the Home
HFN's DIGITAL EDITION
COVER STORY: Sharpening the Focus on Millennials
Find out what makes Millennials tick when it comes to home decorating, shopping and at-home entertaining with HFN's annual consumer study. Turns out, Millennials favor the in-store shopping experience.
ALSO IN THIS ISSUE:
- Power of the People - Crowdfunding campaigns provide needed capital, feedback for home and housewares product launches.
- Omnichannel Retailing: Visual Search Takes Off - Learn how voice and visual search are revolutionizing product discovery.