Kirkland's Sales Flat in Q1
NASHVILLE, Tenn.-Home specialty store Kirkland's said its first-quarter net sales totaled $97.8 million, about the same as its sales in the first quarter of last year.
In a preliminary report on the results for the quarter, which ended on May 4, the retailer said the sales figure was below its expectation of sales between $99 million and $101 million. Kirkland's added that same-store sales declined 1.2 percent, compared to its projection of a same-store sales decrease of between 3 and 5 percent. The company said it would issue a full report of its first-quarter results on May 23.
In a note to investors, Brad Thomas, analyst with KeyBanc Capital Markets, said Kirkland's "is starting to see more signs of stabilization. We remain positive on retailers with exposure to the recovery in home-related spending. Additionally, we believe (Kirkland's) is taking steps to improve its merchandising and marketing, and we are optimistic these efforts will begin to gain traction."