Kirkland's Shares Slide On Q1 Earnings Miss

  • Kirkland's Inc KIRK reported a first-quarter FY22 sales decline of 16.4% to $103.29 million, missing the consensus of $110.46 million.
  • Comparable same-store sales decreased 15.8% versus last year. Sales in e-commerce declined 23.6%.
  • The gross profit margin contracted 520 basis points Y/Y to 27.4%. The operating loss for the quarter was $(11.1) million versus an income of $2.1 million last year.
  • Adjusted EBITDA loss was $(5.8) million versus an income of $7.7 million the previous year.
  • Adjusted EPS loss of $(0.62) missed the analyst consensus of $(0.24).
  • Kirkland's held $5.4 million in cash and equivalents as of April 30, 2022. Net cash used in operating activities for the quarter totaled $(43.6) million.
  • "We were impacted by the shift in consumer spending stemming from rising interest rates, inflationary pressures and geopolitical conflicts that adversely affected our customer traffic and sales," said CEO Steve Woodward.
  • Citing the current macro environment constraints, KIRK suspended the timelines in which it hopes to achieve long-term financial targets.
  • Price Action: KIRK shares are trading lower by 4.13% at $6.50 in premarket on the last check Tuesday.

Posted In: BriefsEarningsNewsMoversTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.