Kirkland's down after Q2 sales disappoint
06/09/2023 13:40
** Shares of home furnishing retailer Kirkland's Inc
KIRK.O fall 6% to $2.31 premarket
** Q2 comparable sales decline 9.7%, net sales down at $89.5
mln vs $102.1 mln a year earlier
** E-commerce sales down 16.6% in the quarter
** Co sees declines in store traffic, as well as a decrease
in size of transactions on softer demand for home decor and
furniture
** While macro-economic challenges have certainly impacted
our results, there are a number of other challenges that we are
working to resolve - interim CEO Ann Joyce
** Co ended Q2 with inventory levels 30% below last year;
also saw merchandise margin increase by 320 bps vs last year as
supply chain snags tempered
** Q2 net loss narrowed to $19.4 mln, or a loss of
$1.51/shr, vs year-ago net loss of $25.7 mln, or $2.02/shr
** Stock below 50-, 100- and 200-day exponential moving avgs
since Aug 16
** Up to last close, stock down ~25% YTD
(Reporting by Juveria Tabassum in Bengaluru)
((Juveria.Tabassum@thomsonreuters.com;))