Kirkland's Posts Q4 Earnings Below Street View; CEO To Retire

Shivani Kumaresan
1 min read
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In this article:

  • Kirkland's Inc (NASDAQ: KIRK) reported a fourth-quarter FY22 sales decline of 7.7% year-on-year to $162.47 million, missing the consensus of $164.67 million.

  • Comparable same-store sales decreased 6.1% versus last year, including a 5.5% decline in e-commerce sales.

  • Gross profit margin contracted 850 basis points Y/Y to 24.8%. The operating loss for the quarter was $(3.2) million versus an income of $14 million last year.

  • Adjusted EBITDA was $2.6 million compared to $20.3 million in the prior year quarter.

  • Adjusted EPS loss of $(0.09) missed the analyst consensus of $0.11.

  • Kirkland's held $5.2 million in cash and equivalents as of Jan. 28, 2023. Net cash used in operating activities for the year totaled $(18.1) million.

  • Management Change: The company's President and Chief Executive Officer (CEO) Steve Woodward will retire, effective May 31, 2023.

  • Ann Joyce, who currently serves as a board member, will be stepping into the role of Interim CEO until a successor is named.

  • Kirkland's also announced that Amy Sullivan, its Senior Vice President and Chief Merchandising and Stores Officer, has been promoted to the role of President and Chief Operating Officer.

  • Price Action: KIRK shares are trading higher by 1.75% at $2.90 in premarket on the last check Tuesday.

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This article Kirkland's Posts Q4 Earnings Below Street View; CEO To Retire originally appeared on Benzinga.com

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