Kirkland’s Q3 same-store sales fall
Nashville, Tenn. — Kirkland’s Inc. raised its third-quarter earnings outlook Thursday after total revenue rose because of store expansion.
Total revenue rose 4.7% to $97.1 million in the August-to-October period. Same-store sales fell 3.6%.
The home-decor store said it now expects earnings of 3 cents to 5 cents per share, up from its previous prediction of a quarterly loss.
The improvement comes despite a decline in revenue at stores open at least a year. That figure fell 3.6% in the third quarter. Revenue at stores open at least a year is a key measure of a retailer’s performance, because it excludes the impact of recently opened or closed stores.
Homeless man charged with murder in attack in Walmart
New York City — A homeless man was charged with murder Thursday for a baseball bat attack on a 74-year-old Lakewood man in a Southern California Walmart, the Associated Press said.
Richard Lawrence Kalfin was charged with murder with a special allegation that he used a deadly weapon. He faces 57 years to life in prison if convicted and remained jailed on more than $1 million bail.
Investigators say Kalfin grabbed an aluminum bat in the Walmart store in Lakewood and bludgeoned David Oakleaf during an apparently random attack Tuesday.
The store’s security video shows that the attacker was in the store and had been wandering the aisles before Oakleaf entered, police said.
At some point, Kalfin took the bat from a sporting goods display and was walking along the aisles when he saw Oakleaf and attacked without warning, authorities said.
Oakleaf was repeatedly struck in the head and died at the store. It is not known at this time if Oakleaf and his attacker had ever met.
Kalfin, who has a 2005 conviction for arson, was arrested outside the store.
Starbucks Q4 profit soars 29%, same-store sales up 9%
Seattle — Starbucks Corp.’s fiscal fourth-quarter profit jumped nearly 29%, beating Wall Street estimates on strong sales around the globe. The company earned $358.5 million in the quarter, up from $278.9 million last year. Revenue rose 7% to $3 billion, with some benefit from foreign exchange rates. Same-store sales increased 9%, with a 10% rise in the United States.
“Starbucks Coffee Co. has never been stronger or better positioned for sustained, profitable growth than it is today," said Starbucks CEO Howard Schultz. "I have never in my career been more excited or more optimistic about where Starbucks is and where we are going as a company, or felt more strongly that we have the tools in the right places to get us there."
It was not too long ago that many industry experts warned that increased competition by Dunkin’ Donuts and McDonalds would have a negative impact on Starbucks’ performance. On a conference call, Schultz suggested that the competition had the opposite effect in that it had the opposite effect in that it “has helped Starbucks create awareness, new customers and obviously distance between them and us.”
Discussing the company’s fourth quarter performance, the CEO said the company was most proud of “being able to put these numbers up against unbelievable significant headwinds not only about the economy but commodity costs.”
For the full fiscal year, Starbucks’ net income rose nearly 32% to $1.25 billion, Revenue increased 7% to $11.7 billion for the year.
"Starbucks today is executing in all markets and across all channels," Schultz said in a statement. "We have never been better positioned to go hard and go fast after the tremendous opportunity that lies ahead in 2012 and beyond."