Kirkland’s, Inc. (KIRK) Announces Third Quarter 2019 Results

Kirkland’s, Inc. (NASDAQ:KIRK) traded down -31.43% during trading on Thursday, hitting $0.91. The stock had a trading volume of 5.39 million shares. The firm has a 50 day moving average of $1.41 and a 200-day moving average of $3.50. The stock has a market cap of $12.16 million and a price-to-sales ratio of 0.02.

Kirkland’s, Inc. (NASDAQ:KIRK) on December 5, 2019 declared financial results for the 13-week period ended November 2, 2019. Net sales for the 13 weeks finished November 2, 2019 diminished 6.2% to $144.9 million contrasted with $154.6 million for the 13 weeks finished November 3, 2018. The firm started one store and closed no stores during the third quarter, bringing the total number of stores to 432 at quarter-end. Practically identical store sales, including online business sales, diminished 6.4% contrasted with an expansion of 1.4% in the earlier year quarter.

The decrease in comparable store sales for the quarter was driven by a deterioration in store sales partially offset by a rise in e-commerce sales. Store sales were affected by negative store traffic, which was somewhat balanced by an improvement in transformation. Web based business deals were driven by gains in rush hour gridlock and change, incompletely counterbalance by a decrease in normal ticket.

Net benefit declined from 30.2% to 27.7% of net sales for the 13 weeks finished November 2, 2019, driven by a decrease in item edge. Absolute working costs, barring deterioration and debilitation charges, expanded from 31.3% to 34.1% of net deals for the 13 weeks finished November 2, 2019, basically because of expanded promoting spend and the deleverage of finance costs.

Net loss for the 13 weeks ended November 2, 2019 was $22.3 million, or $1.61 per diluted share, compared to a net loss of $2.8 million, or $0.18 per diluted share, for the 13 weeks finished November 3, 2018. Excluding asset impairment of $3.4 million, a tax valuation allowance of $11.3 million and severance charges, the adjusted loss for the 13 weeks ended November 2, 2019 was $8.1 million, or $0.58 per share. For the 13 weeks ended November 3, 2018 adjusted net loss, excluding CEO transition costs and severance charges, was $2.0 million or $0.13 per share.

Kirkland’s has dropped -24.63% during the last 3-month period. Year-to-Date the stock performance stands at -90.43%. Additionally, Over the last 5 days, KIRK’s shares have declined by -39.20% and in the past one month it has moved down 36.22%.

Leave a Comment