Kirklands Plummets On Q2 Results, Margin Outlook (KIRK, PIR, BBBY, HVT, WSM)
High-flying home decor and furniture retailer Kirkland’s (KIRK) got slammed on Friday after posting its second quarter results. After rising ten-fold from early 2009 to an all-time high above the $25 mark during the second quarter, Kirklands is now more than -50% from its 52-week high, losing more than -25% in today’s session alone.
During the second quarter, the firm earned $3.3 million or 16 cents per share compared to $3.4 million or 17 cents per share a year ago. The EPS came in -2 cents below analyst expectations, and the company slashed its full-year revenue outlook by -27% and warned that rising freight costs will put margins under pressure in the second half, according to coverage by Reuters.
As a whole, the Home Furnishing Retailer Stocks Index is off by -24% on the Kirklands slide. The Index’s performance is calculated on a net asset value (NAV) basis, so the stock’s run from 2008 lows has amounted in a significant weighting.
Elsewhere in the sector Pier 1 Imports (PIR) is off by -3% on the day, and Bed Bath & Beyond (BBBY) and Haverty Furniture (HVT) are also in the red. Meanwhile, high-end home furnishings retailer Williams-Sonoma (WSM) is ahead by 1% for the session on no company-specific news.
Investors can track the Home Furnishing Retailer Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
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