NASHVILLE, Tenn., Feb. 21, 2020 /PRNewswire/ -- Kirkland's,
Inc. (NASDAQ: KIRK) today reported sales for the 13-week and
52-week periods ended February 1,
2020.
Net sales for the 13 weeks ended February
1, 2020 were $209.4 million
compared with $216.1 million for the
13 weeks ended February 2, 2019.
Comparable store sales, including e-commerce sales, decreased 2.7%
compared to a decrease of 3.3% in the prior year. Kirkland's did
not open or close any stores during the period. The Company
had 432 stores at year end.
Net sales for the 52 weeks ended February
1, 2020 were $603.9 million
compared with $647.1 million for the
52 weeks ended February 2, 2019.
Comparable store sales, including e-commerce sales, decreased 7.1%
compared to a decrease of 1.3% in the prior year. Kirkland's opened
five stores and closed one store during the 52-week period ended
February 1, 2020.
"The enhancements we are making to the merchandise assortment
are gaining traction with customers, and we are seeing the benefit
in the sequential comparable sales improvement through the second
half of the year," said Woody
Woodward, Chief Executive Officer. "Weaker sales in November
were followed by a stronger December and January, led by an
increase in e-commerce revenues of 38%. With $30 million in cash at year end, no debt, a more
streamlined infrastructure and store closures in February and
March, we believe we are well positioned to continue to execute on
improving the relevancy and quality of our assortment."
Investor Conference Call and Web Simulcast
Kirkland's
will issue its earnings release for the fourth quarter before the
market opens on Friday, March 13, 2020, and will host a
conference call on the same day at 9:00 a.m. ET. The number to
call for the interactive teleconference is (412) 542-4163. A
replay of the conference call will be available through Friday,
March 20, 2020, by dialing (412) 317-0088 and entering
the confirmation number, 10139676.
A live webcast of Kirkland's quarterly conference call will be
available online on the Company's Investor Relations Page on
March 13, 2020, beginning at 9:00 a.m. ET. The online
replay will follow shortly after the call and continue for one
year.
About Kirkland's, Inc.
Kirkland's, Inc. is a specialty
retailer of home décor in the United
States, currently operating 432 stores in 37 states as well
as an e-Commerce enabled website, www.kirklands.com. The Company's
stores present a broad selection of distinctive merchandise,
including holiday décor, furniture, art, fragrance and accessories,
ornamental wall décor, decorative accessories, mirrors, lamps,
textiles, artificial floral products, gifts, housewares, outdoor
living items, frames and clocks. The Company's stores offer an
extensive assortment of holiday merchandise during seasonal periods
as well as items carried throughout the year suitable for
gift-giving. More information can be found at
www.kirklands.com.
Forward-Looking Statements
Except for historical
information contained herein, the statements in this release are
forward-looking and made pursuant 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 involve known
and unknown risks and uncertainties, which may cause Kirkland's
actual results to differ materially from forecasted results. Those
risks and uncertainties include, among other things, the impact of
store closures in 2020, 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, risks associated with the spread of the coronavirus
and its possible impact on the Company's supply chain, 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 Kirkland's specific market areas, inflation, fluctuations in
cost and availability of products, interruptions in supply chain
and distribution systems, 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 Kirkland's or its
customers' information, seasonal fluctuations in consumer spending,
and economic conditions in general. Those and other risks are more
fully described in Kirkland's filings with the Securities and
Exchange Commission, including the Company's Annual Report
on Form 10-K filed on March 29,
2019 and subsequent reports. Kirkland's 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
|
SCR
Partners
|
|
Nicole
Strain
|
Jeff Black: (615)
760-3679
|
|
(615)
872-4800
|
Tripp Sullivan: (615)
760-1104
|
|
|
IR@Kirklands.com
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/kirklands-reports-fourth-quarter-sales-301008976.html
SOURCE Kirkland's, Inc.