Kirkland's, Inc.

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TVzwVoPCBdJJwTh2YPbPYs391IESsgBVbfQseLMVI2SCp/U6mycDHA0G9bykR9rA TLHpiik8q2eXTbtASKVe1w== 0000950144-05-005777.txt : 20050520 0000950144-05-005777.hdr.sgml : 20050520 20050520105809 ACCESSION NUMBER: 0000950144-05-005777 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050519 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050520 DATE AS OF CHANGE: 20050520 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KIRKLANDS INC CENTRAL INDEX KEY: 0001056285 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-RETAIL STORES, NEC [5990] IRS NUMBER: 621287151 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-49885 FILM NUMBER: 05846800 BUSINESS ADDRESS: STREET 1: 805 NORTH PKWY CITY: JACKSON STATE: TN ZIP: 38305 BUSINESS PHONE: 9016882444 MAIL ADDRESS: STREET 1: 805 NORTH PKWY CITY: JACKSON STATE: TN ZIP: 38305 8-K 1 g95480e8vk.htm KIRKLAND'S, INC. Kirkland's, Inc.

Table of Contents

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): May 19, 2005

KIRKLAND’S, INC.

(Exact Name of Issuer as Specified in Charter)


Tennessee (State or Other Jurisdiction of Incorporation or Organization)		000-49885 (Commission File Number)		62-1287151 (I.R.S. Employer Identification Number)

805 North Parkway
Jackson, Tennessee 38305
(Address of Principal Executive Offices)

(731) 668-2444
(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

TABLE OF CONTENTS


	Item 2.02 Results of Operations and Financial Condition.
	Item 9.01 Financial Statements and Exhibits
SIGNATURES
Ex-99.1 Press Release

Table of Contents

Item 2.02 Results of Operations and Financial Condition.

On May 19, 2005, we issued a press release reporting sales and earnings results for the 13-week period ended April 30, 2005 (the “Press Release”). A copy of the Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits.


Exhibit No.				Description
	99.1			Press Release of Kirkland’s, Inc., dated May 19, 2005.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Kirkland’s, Inc.

By: /s/ Reynolds C. Faulkner
Reynolds C. Faulkner
Date: May 20, 2005 Executive Vice President and Chief Financial Officer

EX-99.1 2 g95480exv99w1.txt EX-99.1 PRESS RELEASE EXHIBIT 99.1 [KIRKLAND'S LETTERHEAD] ================================================================================ News Release Contact: Rennie Faulkner Executive Vice President & CFO (731) 668-2444 KIRKLAND'S REPORTS FIRST QUARTER RESULTS JACKSON, Tenn. (May 19, 2005) -- Kirkland's, Inc. (NASDAQ/NM: KIRK) today reported financial results for the 13-week period ended April 30, 2005. Net sales for the 13 weeks ended April 30, 2005, increased 2.5% to $84.7 million from $82.6 million for the 13 weeks ended May 1, 2004. Comparable store sales for the first quarter of fiscal 2005 decreased 10.4% compared with a 1.5% increase for the first quarter of fiscal 2004. The Company reported a net loss of $1.7 million, or $0.09 per diluted share, for the first quarter of fiscal 2005 compared with net income of $765,000, or $0.04 per diluted share, for the prior-year period. Robert E. Alderson, Kirkland's Chairman, said, "Consistent with the first quarter sales announced earlier this month, our results reflect the impact from a sluggish home furnishings sector and weak traffic trends in our stores. On the positive side, sales in non-mall stores continue to justify our real estate strategy, and we also experienced meaningful efficiencies from our improved logistics operation." Hiring of Jack E. Lewis as President and Chief Executive Officer On May 16, 2005, the Company announced that it had hired Jack E. Lewis as President and Chief Executive Officer, effective May 31. With a background that includes two stints with Garden Ridge Corporation, most recently as Chairman and CEO, and a long career at Sears, Roebuck & Company, Mr. Lewis brings to Kirkland's a significant amount of merchandising experience in the home furnishings sector. Mr. Alderson added, "Jack is a well-known and respected merchant in our industry with a proven record of sales and earnings performance. We think he is a great fit for our company and our management team, and we look forward to benefiting from his experience and leadership." Second Quarter and Fiscal 2005 Outlook The Company issued guidance for the second quarter ending July 30, 2005, of a net loss of $0.12 to $0.16 per diluted share, compared with a net loss of $0.14 per diluted share in the prior-year period. Net sales are expected to be $85 million to $88 million, with a comparable store sales decrease of 7% to 10% compared with net sales of $84.7 million and a comparable store sales decrease of 3.4% in the prior-year period. -MORE- 805 N. Parkway -- Jackson, Tennessee 38305 -- (731) 668-2444 KIRK Reports First Quarter Results Page 2 May 19, 2005 The Company now expects to report earnings for fiscal 2005 in a range of $0.45 to $0.55 per diluted share, net sales of approximately $425 million to $435 million, and comparable store sales in a range of flat to a 3% decrease. The Company expects to open 55 to 60 new stores and close 30 stores, or a net increase of 25 to 30 stores, in fiscal 2005. Mr. Alderson commented, "Our central objective for fiscal 2005 remains producing a significant sales and earnings turnaround in the business. We believe we are planning and implementing the correct strategies in merchandising, store operations, logistics and real estate to achieve this goal, but we still expect the impact from these initiatives to fall primarily in the second half of the year. Looking ahead to the second quarter, we see no immediate improvement in traffic trends. We have been able to establish some sales momentum with recent promotions, but as might be expected these events have led to some pressure on product margins. Our plan is to closely monitor inventory levels and open-to-buy dollars during this quarter to ensure that we have fresh assortments in our stores as we approach the second half of the year." Investor Conference Call and Web Simulcast Kirkland's will conduct a conference call on May 19, 2005, at 10:00 a.m. EDT to discuss the first quarter earnings release and other Company developments, including the outlook for fiscal 2005. The number to call for this interactive teleconference is (913) 981-5532. A replay of the conference call will be available until May 26, 2005, by dialing (719) 457-0820 and entering the passcode, 6377418. Kirkland's will also host a live broadcast of its conference call on May 19, 2005, 10:00 a.m. EDT online at the Company's website, www.kirklands.com, as well as http://phx.corporate-ir.net/playerlink.zhtml?c=131653&s=wm&e=1055901. The webcast replay will follow shortly after the call and will continue until June 2, 2005. Kirkland's, Inc. was founded in 1966 and is a leading specialty retailer of home decor in the United States. Although originally focused in the Southeast, the Company has grown beyond that region and currently operates 312 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 of holiday merchandise, as well as items carried throughout the year suitable for giving as gifts. More information can be found at www.kirklands.com. 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 decor 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 on Form 10-K filed on April 14, 2005. 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. -MORE- KIRK Reports First Quarter Results Page 3 May 19, 2005 KIRKLAND'S, INC. UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF INCOME (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

-MORE- KIRK Reports First Quarter Results Page 4 May 19, 2005 KIRKLAND'S, INC. UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS (DOLLARS IN THOUSANDS)

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