Strategic Repositioning is Resonating with
Consumers as Holiday 2023 Comparable Sales Increased 3.1%
Year-Over-Year
NASHVILLE, Tenn., Jan. 19,
2024 /PRNewswire/ -- Kirkland's, Inc. (Nasdaq: KIRK)
("Kirkland's Home" or the "Company"), a specialty retailer of home
décor and furnishings, announced its comparable sales results for
the 2023 holiday season, which include the first two months of the
Company's fiscal fourth quarter.
Comparable sales for the first two months of the fiscal fourth
quarter (through December 30, 2023)
increased 3.1% compared to the same prior-year period. This
includes an increase of 1.5% for November
2023 and an increase of 4.8% for December 2023, both compared to the same
prior-year period. The positive comparable sales increase was
largely driven by strong in-store performance from increased
traffic and conversion.
Commenting on the results, interim CEO Ann Joyce stated, "Overall, we are pleased with
our performance this holiday season as the changes in our marketing
efforts and merchandise assortments resonated with our customer
base. Although we remained promotional due to the persistent
challenges in the broader consumer environment, our merchandise
margin strongly improved year-over-year as we continued to benefit
from lower freight rates and better product flow. While there
remains much work to be done, we believe the strategic pivots we've
implemented are gaining traction with our loyal customer base and
also generating interest from new customers. We move into 2024 with
a renewed sense of optimism for the long-term success of Kirkland's
Home."
About Kirkland's, Inc.
Kirkland's, Inc. is a specialty retailer of home décor and
furnishings in the United States,
currently operating 338 stores in 35 states as well as an
e-commerce website, www.kirklands.com, under the Kirkland's Home
brand. The Company provides its customers with an engaging shopping
experience characterized by a curated, affordable selection of home
décor along with inspirational design ideas. This combination of
quality and stylish merchandise, value pricing and a stimulating
online and store experience allows the Company's customers to
furnish their home at a great value. More information can be found
at www.kirklands.com.
Preliminary Financial Results
The preliminary financial results contained in this release are
based on current information as of December
30, 2023, and are subject to change. There can be no
assurance that final results for the applicable period will not
differ from these preliminary results, including as a result of
year-end closing procedures or audit adjustments. In addition,
these preliminary results should not be viewed as a substitute for
full financial statements prepared in accordance with GAAP that
have been audited by the Company's external auditors.
Forward-Looking Statements
Except for historical information contained herein, certain
statements in this release, constitute forward-looking statements
that are subject to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and are subject to the
finalization of the Company's quarterly financial and accounting
procedures. Forward-looking statements deal with potential future
circumstances and developments and are, accordingly,
forward-looking in nature. You are cautioned that such
forward-looking statements, which may be identified by words such
as "anticipate," "believe," "expect," "estimate," "intend," "plan,"
"seek," "may," "could," "strategy," and similar expressions,
involve known and unknown risks and uncertainties, many of which
are outside of the Company's control, which may cause the Company's
actual results to differ materially from forecasted results. Those
risks and uncertainties include, among other things, risks
associated with the Company's liquidity including cash flows from
operations and the amount of borrowings under the secured revolving
credit facility, the Company's actual and anticipated progress
towards its short-term and long-term objectives including its brand
strategy, the risk that natural disasters, pandemic outbreaks (such
as COVID-19), global political events, war and terrorism could
impact the Company's revenues, inventory and supply chain, the
continuing consumer impact of inflation and countermeasures,
including raising interest rates, the effectiveness of the
Company's marketing campaigns, risks related to changes in U.S.
policy related to imported merchandise, particularly with regard to
the impact of tariffs on goods imported from China and strategies undertaken to mitigate
such impact, the Company's ability to retain its senior management
team, continued volatility in the price of the Company's common
stock, the competitive environment in the home décor industry in
general and in the Company's specific market areas, inflation,
fluctuations in cost and availability of inventory, increased
transportation costs and potential interruptions in supply chain,
distribution systems and delivery network, including our e-commerce
systems and channels, the ability to control employment and other
operating costs, availability of suitable retail locations and
other growth opportunities, disruptions in information technology
systems including the potential for security breaches of the
Company's information or its customers' information, seasonal
fluctuations in consumer spending, and economic conditions in
general. Those and other risks are more fully described in the
Company's filings with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K filed on
April 4, 2023 and subsequent reports.
Forward-looking statements included in this release are made as of
the date of this release. Any changes in assumptions or factors on
which such statements are based could produce materially different
results. Except as required by law, the Company disclaims any
obligation to update any such factors or to publicly announce
results of any revisions to any of the forward-looking statements
contained herein to reflect future events or developments.
Contact:
|
Kirkland's
Home
|
Gateway Group,
Inc.
|
|
|
Mike Madden
|
Cody Slach and Cody
Cree
|
|
|
(615)
872-4800
|
KIRK@gateway-grp.com
|
|
|
|
(949)
574-3860
|
|
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SOURCE Kirkland's, Inc.