FINANCE

Kirkland’s to Restate Earnings

BY CSA STAFF

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%.

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FTC Reportedly to Block Blockbuster Bid for Hollywood

BY CSA STAFF

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.

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Neiman Marcus Considers Sale of Company

BY CSA STAFF

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.

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