Kirkland’s to Restate Earnings
Jackson, Tenn., Kirkland’s said that it will restate its prior-period financial statements to reflect certain corrections to its lease-related accounting.
For the fourth quarter of fiscal 2004, ended Jan. 29, the company posted net income of $11.6 million, down from $14.4 million in the prior-year period. For the full year, the company’s net income decreased to $6.6 million, down from $18 million in the previous year.
Net sales for the quarter increased 8.7% to $144.3 million. Comparable-store sales for the quarter decreased 4.9%. Net sales for the 52 weeks increased 6.8% to $394.4 million. Comparable-store sales for 2004 decreased 5.2%.
FTC Reportedly to Block Blockbuster Bid for Hollywood
Washington, D.C., The U.S. Federal Trade Commission’s (FTC) competition bureau plans to recommend that the agency block a hostile bid by Blockbuster to buy Hollywood Entertainment, according to published reports.
The FTC bureau is expected to make a formal recommendation to the agency’s five commissioners within the next several days on the Blockbuster bid for Hollywood. The FTC has agreed to make a decision by March 21 on whether it will oppose the combination of the two companies.
Neiman Marcus Considers Sale of Company
Dallas, The Neiman Marcus Group, Inc. today said it is considering selling the company as a strategic alternative to enhance shareholder value. The company added that it would not disclose details about its exploration of this or other strategic alternatives until the board has approved a transaction. The Group, which includes specialty retailers Neiman Marcus and Bergdorf Goodman, is retaining Goldman Sachs & Co. as the financial advisor in this endeavor.