KIRK - Why Kirkland's Stock Skyrocketed Today
Shares of Kirkland's (NASDAQ: KIRK) have skyrocketed today, up by 24% as of 1 p.m. EST, after the company reported strong third-quarter earnings. The results crushed profit expectations thanks to aggressive cost-cutting.
Revenue in the fiscal third quarter was $146.6 million, slightly ahead of the consensus estimate of $145.5 million in sales. That resulted in adjusted earnings per share of $0.66, a blowout compared to the $0.30 per share that analysts were expecting the home furnishings retailer to lose on an adjusted basis. The home furnishing category has seen heightened demand throughout the year as people spend more time at home during the COVID-19 pandemic.
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Why Kirkland's Stock Skyrocketed Today