Kirkland's Inc falls on wider Q1 loss, lower sales

Brand House Collective

08/06/2023 16:22

(Updates)
    **  Shares of home furnishing retailer Kirkland's Inc
 KIRK.O  fall 5.7% to $2.97
    ** Co reports Q1 net sales of $96.9 mln vs. $103.3 mln a
year earlier 
    ** Q1 comparable same-store sales decreased 4.4%, including
a 6.6% drop in e-commerce sales, year over year 
    ** Challenging consumer spending environment continued to
affect traffic during the quarter - co
    ** Reports Q1 net loss of $12.1 mln vs. net loss of $7.9 mln
a year earlier 
    ** Co says Q2 historically has been discount-heavy; it
expects promotional events to benefit sales in H2
    ** Home improvement retailers such as Home Depot Inc  HD.N 
and Lowe's Companies Inc  LOW.N  cut annual sales and profit
forecasts as demand for discretionary items waned due to
persistent inflation
    ** KIRK stock down about 4.6% YTD

 (Reporting by Vaibhav Sadhamta and Juveria Tabassum in
Bengaluru)
 ((Vaibhav.Sadhamta@thomsonreuters.com;))