Gloomy Morning for Kirkland (KIRK)

Home retailer Kirkland's Inc. KIRK said on Friday that its net income tumbled in the fiscal second quarter as shoppers “hunted” for discounts, which “hurt” its sales. KIRK’s profit fell 6% in the period ending July 31, to $3.3 million, or $0.16 per share, from $3.4 million, or $0.17 per share. Revenue, however, rose 2 %, to $89.5 million from $87.7 million. Kirkland executives remarked that customers are looking “harder” for bargains more than ever, because unemployment is high. Merchandise delivery delays and higher freight costs also contributed to the loss of income. The company however added that more shoppers came to its stores than a year ago. The company said it expects a "slight increase" in adjusted profit compared to the $1.42 per share it earned in fiscal 2009. In pre-market today, KIRK is at $15.80, down 2.65%. Read more from Benzinga's Company news.