Kirkland profit plunges 38%

Nashville, Tenn. -- Kirkland's first-quarter profit dropped 38% amid promotions and price cuts. The company also issued disappointing predictions for the current quarter and full year. Kirkland’s said it earned $2 million for the quarter ended April 28, down from $3.2 million last year. Sales rose 3.6% to $97.8 million from $94.4 million. Same-store sales edged down 1.2%. The home décor chain said it increased marketing to counter a drop in sales.