Kirkland’s income falls on higher expenses

Nashville, Tenn. -- Kirkland's said Friday that its first-quarter net income fell 51% stung by higher expenses, increasing freight costs and competition over price. Its results, however, exceeded Wall Street's expectations. The company earned $3.2 million for the period ended April 30, down from $6.5 million, a year earlier. Total operating expenses rose to $29.7 million from $26.7 million. Revenue climbed to $94.4 million from $93.5 million. Same-store sales fell 8.4%. Cost of sales climbed to $56.3 million, from $52.8 million.