KIRK - Kirkland's holiday comp sales hurt by lower customer traffic
- Kirkland's ( NASDAQ: KIRK ) reported a decline in comparable sales results for holiday 2022, as continued volatile consumer environment in December impacted customer traffic.
- For the fiscal fourth quarter through December 2022, comparable sales fell 5.5% Y/Y. Comp sales were flat in November 2022 compared to the same prior-year period and down 11% in December 2022.
- The decline in comparable sales for December was larger than expected, so Kirkland's Home now expects ending the fiscal year with ~$15M to $17M in net borrowings. It also sees inventory closer to the high end of the $70M to $80M range.
- CEO Steve Woodward said, "Although these results are disappointing, we remain confident that fiscal 2023 will be a year of stabilization for our organization. We are also pleased with the consistent positive performance from our furniture category, which has continued to grow into a larger percentage of our sales."
- Shares of the home goods retailer were down around 7% in Wednesday's premarket session
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Kirkland's holiday comp sales hurt by lower customer traffic