Kirkland's (KIRK) Profit, Same Store Sales Surge

Home decor and gift retailer Kirkland's, Inc. KIRK announced on Tuesday morning that it easily beat consensus Wall Street estimates. Kirkland's, Inc. reported that its 1st quarter net income nearly doubled to $6.5 million, or 32 cents per share, up from $3.5 million, or 17 cents per share, a year earlier. The company reported that net sales rose 12.2% to $93.5 million, up from $83.3 million a year earlier. Comparable store sales jumped 12.6%, compared to a rise of 5.2% a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 13 cents per share, on sales of $86.7 million. Kirkland's, Inc. also reported that it expects 2nd quarter net income in the range of 17 cents to 20 cents per share, on sales of $89 million to $91 million. Kirkland's, Inc. shares were up 4.65% at $24.10 in pre-market trading.