UPDATE: Kirkland's Q4 Earnings Drop 6.1%

Kirkland's

reported a 6.1% drop in its fiscal fourth-quarter earnings. Kirkland's quarterly profit fell to $14.3 million, from $15.2 million, in the year-ago period. On a per-share basis, its earnings climbed to $0.82 from $0.78. Its sales climbed 9.2% to $162.9 million. The company in November had projected earnings of $0.71 to $0.76 per share on revenue of $160 million to $163 million. Its gross margin declined to 40.6% from 43%. For the new year, Kirkland's expects earnings of $0.70 to $0.85 per share on revenue growth of 5% to 7%. However, analysts projected earnings of $0.84 per share on revenue growth of 6%. Kirkland's shares dropped 3.04% to $11.15 in pre-market trading.