Kirkland’s Reports $26M Loss
Jackson, Tenn. Kirkland’s Inc.’s fourth-quarter income plummeted 87%, the home-decor retailer reported Tuesday.
Net income for the 13 weeks ended Feb. 2 was $1.5 million, compared to $11.4 million for the 14 weeks ended Feb. 2, 2007.
As a result of a shift in the retail calendar, fourth-quarter 2008 had 13 weeks, compared to 14 last year, Kirkland’s said in a statement.
Net sales for the quarter fell 17% to $138.3 million, down from $167.5 million in the comparable period a year ago.
For the 52-week fiscal year, the company reported a net loss of $25.9 million, compared with a net loss of $100,000 last year.
Net sales for the year totaled $396 million, down 11% from $443.2 million last year. Robert Alderson, Kirkland’s CEO, said in a statement that the chain has recently closed underperforming stores, slowed store opening and capital-expenditure plans, and cut overhead costs.
“Despite one of the tougher quarters in recent memory in terms of macroeconomic trends and margin pressures, we were able to hit our targeted inventory level while refocusing our assortments toward fiscal 2008,” he said in a statement. “Although we are still early in the process and have work left to do, we are pleased to see some early signs of improvement in the business.”
MIPS Technologies appoints new cfo
MOUNTAIN VIEW, Calif. MIPS Technologies, a leading provider of industry-standard architectures, processors and analog IP for digital consumer, home networking, wireless, communications and business applications, has appointed Maury Austin as the company’s new cfo, reporting to president and ceo John Bourgoin.
“I am pleased to welcome a seasoned, versatile financial veteran such as Maury to our team,” said Bourgoin. “Following the acquisition and integration of Chipidea, MIPS Technologies has entered a new phase, with two strategic business groups and an aggressive growth strategy. Maury’s impressive depth and business acumen will be critical for MIPS, and I look forward to his contributions and leadership as we continue to drive innovation in the global IP market.”
Most recently Austin served as senior vp and cfo of Portal Software, where, working with the executive staff, he drove redevelopment of the company’s business model and was instrumental in its subsequent acquisition by Oracle.
Hall joins NexCen as cfo
NEW YORK NexCen Brands has appointed Kenneth Hall as evp, cfo, and treasurer, effective March 25. He will be responsible for all aspects of the company’s financial management and human resources functions. He replaces David Meister, who is leaving the company.
Hall most recently served as the cfo and treasurer of Seevast, a leading online-media holding company comprised of ad networks, Pulse 360 and Kanoodle, and a domain asset management company, Moniker, which was recently sold.