Kirkland's Adopts $30M Stock Buyback Plan; December Comp Sales Decline 3.3%

Kirkland's Inc KIRK said its board of directors had authorized a new $30 million share repurchase plan.
The company also reported that comparable sales for the fiscal Q4 through December 2021 decreased 6.4%. This includes a 9.5% comparable sales decrease for November and a 3.3% decrease for December.
Outlook: Kirkland's said it continues to expect a mid-to-high-single-digit same-store sales decrease for Q4 and a mid-single-digit same-store sales increase for FY21.
Reflecting expected sales decline and freight impact, the company continues to anticipate earnings in Q4 to be lower than the prior-year period while still expecting year-over-year earnings growth of approximately 50% for FY21.
Kirkland's held $26.5 million in cash and equivalents as of October 31, 2021.
Price Action: KIRK shares are trading higher by 7.64% at $15.98 on the last check Thursday.