Kirkland's profits nearly double in Q1
Nashville, Tenn. Home-furnishings retailer Kirkland said Tuesday that its profits were up 87% in the first quarter compared with the year-ago period.
Earnings were $6.5 million on sales of $93.5 million for the quarter that ended May 1.
Analysts had predicted revenue of $86.7 million for the quarter.
Same-store sales jumped 12.6% and overall sales were up 12.2% despite the closing of 15 stores.
Kirkland’s had been scaling back its number of stores during the recession, from 299 locations at the beginning of 2009 to 279 stores at the beginning of 2010. It has since added two stores and said it has plans to add a net of 10 to 25 stores this year.