KIRK - Home Furnishing Retailer Kirkland's Sets Plan For Turnaround: Eyes Cost-Cutting Strategic Options Amid Q1 Sales Slump | Benzinga
Kirkland’s Inc (NASDAQ:KIRK) reported a first-quarter FY24 sales decline of 5.3% year-on-year to $91.75 million, missing the analyst consensus estimate of $93.07 million.
Comparable sales decreased 3.5% versus last year, including a 19.1% decline in e-commerce sales and a 2.8% increase in comparable store sales.
The decrease was primarily driven by a decrease in consolidated average ticket and e-commerce traffic, partially offset by an increase in store traffic and conversion.
Gross profit margin expanded 280 basis points Y/Y to 29.5%. The operating loss for the quarter was $7.5 million versus a loss of $10.3 million last year.
Adjusted EBITDA was a loss of $4.5 million compared to a loss of $5.8 million in the prior ...