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Kirkland's lowers FY'17 EPS forecast

Kirkland's Inc. on Nov. 21 slightly lowered its diluted earnings per share guidance for fiscal 2017 as it reported results for the 13-week and 39-week periods ended Oct. 28.

The Tennessee-based home decor retailer said that including the impact of hurricanes Harvey and Irma, it now expects diluted EPS for the fiscal year to be in the range of 50 to 60 cents from a prior outlook of 50 to 65 cents.

Due to a change in accounting for stock compensation, Kirkland's said its full-year earnings projection assumes a tax rate of about 41% from its previous guidance of 38%.

The company also expects to record 31 new store openings and 16 store closures for the full fiscal year.

For third quarter ended Oct. 28, Kirkland's posted $145 million in net sales, up 4.9% from $138.2 million last year, but comparable sales decreased 0.6% compared to a 2% decline in the prior-year period. Kirkland's also saw a net loss of $2.4 million, or 15 cents per diluted share, during the quarter.