Friday, March 12, 2010 12:18:33 PM
News: March 12 (Reuters) - Kirkland's Inc reported a higher quarterly profit, helped by strong customer traffic at its stores, and forecast a 5 percent to 8 percent increase in fiscal 2010 sales, sending its shares up 7 percent.
The home accessories retailer, which plans to open 30 to 40 new stores and close 15 to 20 stores this year, also said it expects adjusted earnings to rise in 2010.
For the fourth quarter ended Jan. 30, the company earned $22.1 million, or $1.08 a share, compared with $15.0 million, or 76 cents a share, a year earlier.
Excluding items, it earned 92 cents a share.
Two analysts on average were expecting 81 cents a share, according to Thomson Reuters I/B/E/S.
The company had earlier reported that sales rose 7 percent to $142.8 million and same-store sales increased 10.2 percent.
Shares of the Nashville-based company rose to $20.95 in pre-market trade. They closed at $19.51 Thursday on Nasdaq.
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