Kirkland's slips after holiday comparable sales decline
11/01/2023 14:53
(Updates to market open)
** Shares of home furnishing retailer Kirkland's Inc
KIRK.O down 5.5% at $3.50 in early trade
** KIRK says comparable sales for Q4 through Dec 2022 fell
5.5%, including flat comparable sales for Nov 2022 and an 11%
decline for Dec 2022
** Co says decline in comparable sales for Dec was larger
than expected, so KIRK now expects ending FY22 with about $15
mln-$17 mln in net borrowings
** KIRK expects to end FY22 with inventory closer to the
high end of $70 mln-$80 mln range
** "While sales trends began to improve in November, a
continued volatile consumer environment in December impacted
customer traffic following our Black Friday promotional events"
- CEO Steve "Woody" Woodward
** Shares fall after rising as much as 10% on Tuesday
** KIRK fell 77.9% in 2022
(Reporting by Shashwat Chauhan in Bengaluru)
((Shashwat.Chauhan@thomsonreuters.com;))