Kirkland’s, Inc. (NASDAQ: KIRK) declared its fiscal results for the 13.0-week and 39.0-week durations finished November 2, 2k19.

Kirkland’s, Inc. (NASDAQ: KIRK) declared its financial results for the 13.0-week and 39.0-week durations finished November 2, 2k19.

Net sales for the 13.0-weeks finished November 2, 2k19 declined 6.20 percent to $144.90M compared to $154.60M for the 13.0-weeks finished November 3, 2k18. Kirkland’s opened one store and closed no stores throughout the 3rd-quarter, bringing the total number of stores to 432 at quarter-end. Comparable store sales, including e-commerce sales, declined 6.40 percent compared to an incline of 1.40 percent in the previous-year quarter. The decline in comparable store sales for the quarter was driven by a decline in store sales partially offset by an incline in e-commerce sales. Store sales were impacted by negative store traffic, which was partially offset by an improvement in conversion. E-commerce sales were driven by gains in traffic and conversion, partially offset by a decline in average ticket.

Gross profit declined from 30.20 percent to 27.70 percent of net sales for the 13.0-weeks finished November 2, 2k19, driven by a decline in product margin. Total operating costs, excluding depreciation and impairment charges, inclined from 31.30 percent to 34.10 percent of net sales for the 13.0-weeks finished November 2, 2k19, primarily due to inclined advertising spend and the deleverage of payroll costs.

Net loss for the 13.0-weeks finished November 2, 2k19 was $22.30M, or $1.610 for each diluted share, compared to a net loss of $2.80M, or $0.180 for each diluted share, for the 13.0-weeks finished November 3, 2k18. Excluding asset impairment of $3.40M, a tax valuation allowance of $11.30M and severance charges, the adjusted loss for the 13.0-weeks finished November 2, 2k19 was $8.10M, or $0.580 for each share (see unaudited non-GAAP measure reconciliation for details). For the 13.0-weeks finished November 3, 2k18 adjusted net loss, excluding CEO transition costs and severance charges, was $2.00M or $0.130 for each share.

Net sales for the 39.0-weeks finished November 2, 2k19 declined 8.50 percent to $394.50M compared to $430.9M for the 39.0-weeks finished November 3, 2k18. Kirkland’s opened 5.0-stores and closed one store throughout the 1st-39.0 weeks of fiscal 2k19. Comparable store sales, including e-commerce sales, declined 9.30 percent compared to a decline of 0.30 percent in the previous-year duration.

Net loss for the 39.0-weeks finished November 2, 2k19 was $48.30M, or $3.420 for each diluted share, compared to a net loss of $10.40M, or $0.660 for each diluted share, for the 39.0-weeks finished November 3, 2k18. Adjusted net loss, excluding asset impairment, severance charges and the establishment of a tax valuation allowance, for the 39.0-weeks finished November 2, 2k19 was $30.30M, or $2.150 for each share. For the 39.0-weeks finished November 3, 2k18 adjusted net loss, excluding CEO transition costs and severance charges, was $8.40M or $0.540 for each share.

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