- 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.
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