Kirkland's Net Drops 45 Percent in Third Quarter
November 18, 2011,
NASHVILLE, Tenn.-Rising expenses weakened the bottom line for specialty home retailer Kirkland's in its fiscal third quarter ending on Oct. 29.
Net income fell 45 percent to $1.2 million. Operating expenses rose 7.6 percent in dollars and picked up 88 basis points as a percentage of net sales, to 32.2 percent. Gross margin fell 160 basis points to 37.2 percent.
The company said it expects net sales in the fourth quarter to reach from $142 million to $145 million, and that same-store sales will drop from 2 to 5 percent.
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