Kirkland's Crushed (KIRK)

Home accessories retailer Kirkland's KIRK reported quarterly results that missed analyst expectations this morning, sending shares plummeting. The company reported earnings of 16 cents per share for the quarter ended July 31, 2 cents shy of the 18 cents per share analysts forecast. Revenues came in weaker-than-expected at $89.5 million versus the $90.7 million consensus. The company also warned rising freight costs would hurt gross margins in the second half of 2010. Kirkland's also sees the retail environment being more promotional in the second half, adding pressure on margins. Shares of Kirkland's are lower by $4.60, or 28.34%, to $11.63.