KIRKLAND’S REPORTS SECOND QUARTER SALES Sets Dates for Earnings Release and Conference Call
JACKSON, Tenn. (August 9, 2007) — Kirkland’s, Inc. (NASDAQ:KIRK) today announced sales for the 13-week period ended August 4, 2007.
Net sales for the second quarter ended August 4, 2007, were $87.4 million compared with $91.0 million for the second quarter ended July 29, 2006. Comparable store sales for the second quarter of fiscal 2007 decreased 10.5% compared with a 9.0% comparable store sales decrease in the prior-year quarter. Comparable store sales in mall stores declined 12.7% for the second quarter while comparable store sales in off-mall stores declined 8.5%. The Company opened 8 stores and closed 8 stores during the quarter.
Net sales for the 26-week period ended August 4, 2007, were $169.7 million compared with $183.6 million for the 26-week period ended July 29, 2006. Comparable store sales for the 26 weeks ended August 4, 2007, decreased 14.7% compared with a 7.1% decrease in the prior-year period. Comparable store sales in mall stores declined 17.0% while comparable store sales in off-mall stores declined 12.6%. The Company opened 18 stores and closed 20 stores during the 26-week period.
Based on these sales results, the Company confirmed its previously issued guidance for the second quarter of a net loss of $0.35 to $0.40 per diluted share.
Kirkland’s plans to issue its earnings release for the second quarter before the market opens on August 30, 2007, and will host a conference call the same day at 11:00 a.m. ET. During the call, the Company will discuss its results of operations for the second quarter of fiscal 2007. The number to call for this interactive teleconference is (913) 981-4910. A replay of the conference call will be available through September 6, 2007, by dialing (719) 457-0820 and entering the confirmation number, 6115946.
The live broadcast of Kirkland’s quarterly conference call will be available online at the Company’s website,www.kirklands.com, or athttp://www.videonewswire.com/event.asp?id=41193 on August 30, 2007, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue through September 6, 2007.
Kirkland’s, Inc. was founded in 1966 and is a leading specialty retailer of home décor in the United States. Although originally focused in the Southeast, the Company has grown beyond that region and currently operates 347 stores in 37 states. The Company’s stores present a broad selection of distinctive merchandise, including framed art, mirrors, candles, lamps, picture frames, accent rugs, garden accessories and artificial floral products. The Company’s stores also offer an extensive assortment gifts, as well as seasonal merchandise. More information can be found atwww.kirklands.com.
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805 N. Parkway ¦ Jackson, Tennessee 38305 ¦ (731) 668-2444
KIRK Reports Second Quarter Sales August 9, 2007 Page 2
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Kirkland’s actual results to differ materially from forecasted results. Those risks and uncertainties include, among other things, the competitive environment in the home décor industry in general and in Kirkland’s specific market areas, inflation, product availability and growth opportunities, seasonal fluctuations, and economic conditions in general. Those and other risks are more fully described in Kirkland’s filings with the Securities and Exchange Commission, including the Company’s Annual Report onForm 10-K filed on May 2, 2007. Kirkland’s disclaims any obligation to update any such factors or to publicly announce results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
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