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Hurricanes Damage Kirkland's Q3

JACKSON, TN-Devistating storms and a decline in customer traffic leads to a net loss of $2.5 million in Kirkland's Q3.

By Dana Dubriwny | Updated on November 20, 2005

JACKSON, TN-As a result of the devastation caused by hurricanes Katrina, Rita, and Wilma, home décor retailer Kirkland’s experienced a net loss of approximately $1.3 million, including approximately 70 basis points in comparable store sales, during its third quarter ended Oct. 29.

“The third quarter was a challenging one due to the severity and frequency of hurricanes in several of our key markets,” said Jack Lewis, Kirkland’s president and CEO, while disclosing the company’s third quarter earnings Friday.

Overall, the company reported a net loss of $2.5 million, or 13 cents per diluted share, for the quarter compared with a net loss of $3 million, or 16 cents per diluted share, for the prior-year period. Net sales increased 8.9% to $90.2 million compared with $82.8 million the same year-ago period. Comparable store sales for the third quarter of 2005 decreased 3.4% compared with a 13.5% decrease for the third quarter of fiscal 2004.

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