Kirkland's Reports Mixed Q2 Results

by Shivani Kumaresan, Benzinga Staff Writer

August 30, 2022 11:12 AM | 1 min read |

Kirkland's, Inc. KIRK reported a second-quarter FY22 sales decline of 11.1% year-on-year to $102.10 million, beating the consensus of $97.17 million.
Comparable same-store sales decreased 8.6% versus last year, including a 9.1% decline in e-commerce sales.
The gross profit margin contracted 1,650 basis points Y/Y to 18.1%. The operating loss for the quarter was $(21.8) million versus an income of $0.2 million last year.
Adjusted EBITDA loss was $(16.4) million versus an income of $5.1 million the previous year.
Adjusted EPS loss of $(1.31) missed the analyst consensus of $(0.87).
Kirkland's held $10.3 million in cash and equivalents as of July 30, 2022. Net cash used in operating activities for the six months totaled $(56.1) million.
Price Action: KIRK shares are trading lower by 7.70% at $3.60 on the last check Tuesday.