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Kirklands Up 12% - Beats Street on EPS And Revenues Loss Expected for Fiscal Q2

Kirklands Up 12% - Beats Street on EPS And Revenues Loss Expected for Fiscal Q2

Kirkland's, Inc. (KIRK) is higher Thursday after the company reported better-than-expected Q1 financial results and provided guidance for Q2 and fiscal 2014. Shares are up 11.52% at $18.59 near late-morning trading, with a 52-week range of $14.00 - $26.52. The specialty retailer of home decor and gifts posted fiscal Q1 EPS of or $0.12, up from $0.10 in Q1 2013 and beating analyst estimates of $0.10. Net sales increased to $108.3 million from $101.2 million in Q1 2013, beating analyst projections of $105.90.Comparable store sales for Q1, including e-commerce sales, increased 5.0% compared with a decrease of 2.3% in Q1 2013.

Kirkland's opened 7 stores and closed 7 during the quarter, leaving the total number of stores at 324 at quarter end. The company issued guidance for fiscal Q2 of a net loss of $0.03 to $0.06 per diluted share. Net sales are expected to be in the range of $104 million to $105 million with a comparable store sales increase in the range of 3% to 4%. The company expects to open approximately 8 stores and close approximately 2 stores during the quarter.

The company expects fiscal 2014 earnings per share to be in the range of $0.90 to $1.00. The Street is at a loss of $0.02 per share for Q2 and FY earnings of $0.99 per share. The company also announced that its board of directors authorized a stock repurchase plan providing for the purchase in the aggregate of up to $30 million of the company's outstanding common stock over the next 24 months.

Kirklands Up 12% - Beats Street on EPS And Revenues Loss Expected for Fiscal Q2