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Kirkland's Inc KIRK reported a third-quarter FY21 sales decline of 2% year-on-year, to $143.63 million, missing the analyst consensus of $146.21 million. Comparable sales decreased 0.7%.
- The gross profit margin contracted 140 basis points Y/Y to 34.7%. The operating margin was 6.3%, and operating income for the quarter fell 31.3% to $9 million.
- Adjusted EBITDA of $14.8 million declined 20.9% Y/Y.
- Adjusted EPS of $0.51 missed the analyst consensus of $0.57.
- Kirkland's held $26.5 million in cash and equivalents as of October 30, 2021. Net cash used in operating activities for the nine months totaled $38.69 million.
- "Looking at our results through the end of November, we were impacted by inconsistent traffic patterns and broader supply chain constraints," said CEO Steve Woodward.
- Outlook: Kirkland's expects a mid-to-high-single-digit same-store sales decrease for Q4 and a mid-single-digit increase for FY21.
- It sees Q4 earnings to be lower than the prior-year period while expecting Y/Y earnings growth of 50% for FY21.
- Price Action: KIRK shares are trading lower by 25.8% at $15.27 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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