Home decor retailer Kirkland's up on higher holiday sales, CEO change
19/01/2024 15:50
(Updates)
** Shares of home furnishing retailer Kirkland's KIRK.O up
as much as 15.1% at $2.89 in early trading
** Stock snaps a 4-day losing streak
** Co's comparable sales for first two months of Q4 2023
holiday season increased 3.1% compared to a 5.5% decrease seen
last year, helped by strong in-store performance
** Lower freight rates and better product flow improved
KIRK's merchandise margins despite being promotional due to
persistent challenges in consumer demand, says interim CEO Ann
Joyce
** Co also promotes operating chief Amy Sullivan to the CEO
role, effective Feb. 4
** Sullivan to succeed interim CEO Ann Joyce, who will
remain on co's board of directors
** Sullivan has been with the company for over a decade and
was promoted to president and chief operating officer in the
spring of 2023
** Stock was down nearly 8% in 2023 and has fallen nearly
17% so far this year
(Reporting by Anuja Bharat Mistry in Bengaluru)
((AnujaBharat.Mistry@thomsonreuters.com;))