Kirkland's Inc tumbles on Q2 loss from a year-ago profit
30/08/2022 12:26
** Shares of home furnishing retailer Kirkland's Inc
KIRK.O down ~13% at $3.42 before the bell
** Company posts Q2 net loss of $25.7 mln, or $2.02 per
share, compared to net income of $0.6 mln, or 4 cents, a year
earlier
** KIRK reports Q2 adjusted loss per share of $1.31,
compared to a loss of 1-cent, a year earlier
** Q2 net sales fell to $102.1 mln from $114.8 mln, while
comparable sales declined 8.6%
** CEO Steve Woodward says throughout the quarter company
intentionally elevated promotions to work through inventory
levels, resulting in compressed margins but improved sales trend
from Q1
** Up to Monday's close, stock had fallen ~74% this year
(Reporting by Ananya Mariam Rajesh in Bengaluru)
((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))