Kirkland's reported financial results for the 13-week and 52-week periods ended January 30, 2016.
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Net sales for the 13 weeks ended January 30, 2016, increased 11.4% to $199 million compared with $178.7 million for the 13 weeks ended January 31, 2015.
Comparable store sales for the fourth quarter of fiscal 2015, including e-commerce sales, increased 1.3% compared with an increase of 8.2% in the prior-year quarter. Kirkland's opened 12 stores and closed six during the fourth quarter, bringing the total number of stores to 376 at quarter end.
Net sales for the 52 weeks ended January 30, 2016, increased 10.7%, to $561.8 million compared with $507.6 million for the 52 weeks ended January 31, 2015.
Comparable store sales for fiscal 2015, including e-commerce sales, increased 2.9% compared with a 6.1% increase in fiscal 2014. The Company opened 43 stores and closed 11 during fiscal 2015.
Net income for the 13 weeks ended January 30, 2016 increased 6.7% to $16.6 million, or $0.97 per diluted share, compared with net income of $15.6 million, or $0.87 per diluted share, for the 13 weeks ended January 31, 2015.
Net income for the 52 weeks ended January 30, 2016, was $16.6 million, or $0.94 per diluted share, compared with $17.8 million, or $1.00 per diluted share, for the 52 weeks ended January 31, 2015.
Adjusted net income, which excludes a $0.02 per diluted share charge in the first quarter of 2015 related to the retirement of the Company's previous CEO, for the 52 weeks ended January 30, 2016 was $17.0 million, or $0.96 per diluted share.
Mike Madden, president and chief executive officer, commented, "While 2015 presented challenges for Kirkland's and retail in general, we are enthusiastic about the progress we have made to support our growth plans and bolster the entire organization for the long term.
"Our real estate effort is generating more consistency in our new store openings through process improvements and an enhanced site selection method. Recent investments in our omni-channel initiative, while still early in the process, are beginning to have an impact as evidenced by a 38% increase in digital revenue for 2015.
"We have made tangible strides in delivering a complementary customer experience between the channels.
"We are very pleased to have returned $51 million to shareholders during 2015 through a special dividend and share repurchases, reflecting our confidence in the long-term prospects for the Company and its position in the marketplace.
"We ended the year in a strong financial position, with no debt and ample liquidity to invest in the business and execute our growth strategy." ■