KIRKLAND'S HOME REPORTS SECOND QUARTER 2024 RESULTS
Kirkland's Home (Nasdaq: KIRK) reported Q2 2024 financial results with net sales of $86.3 million and a comparable sales decrease of 1.7%. The company saw a 1.8% growth in comparable brick-and-mortar stores but faced a 10.6% decline in e-commerce sales. Gross profit margin expanded by 100 bps to 20.5%. The operating loss improved by $4.8 million to $13.3 million, while adjusted EBITDA loss improved by $3.3 million to $10.2 million. Kirkland's ended the quarter with 325 stores, a cash balance of $4.5 million, and $62.7 million in outstanding debt. The company implemented cost-saving initiatives expecting to realize $6 million in savings for fiscal 2024 and $7 million in ongoing annual pre-tax savings. Kirkland's is also reviewing strategic alternatives to support its initiatives.
Kirkland's Home (Nasdaq: KIRK) ha riportato i risultati finanziari per il secondo trimestre del 2024 con vendite nette di 86,3 milioni di dollari e una decremento delle vendite comparabili dell'1,7%. L'azienda ha registrato una crescita dell'1,8% nei negozi fisici comparabili, ma ha affrontato una decrescita del 10,6% nelle vendite e-commerce. Il margine di profitto lordo è aumentato di 100 punti base al 20,5%. La perdita operativa è migliorata di 4,8 milioni di dollari a 13,3 milioni di dollari, mentre la perdita di EBITDA rettificato è migliorata di 3,3 milioni di dollari a 10,2 milioni di dollari. Kirkland's ha concluso il trimestre con 325 negozi, un saldo di cassa di 4,5 milioni di dollari e 62,7 milioni di dollari di debito in sospeso. L'azienda ha implementato iniziative di risparmio sui costi prevedendo di realizzare 6 milioni di dollari di risparmi per l'esercizio 2024 e 7 milioni di dollari di risparmi annuali ante imposte continuativi. Kirkland's sta anche esaminando alternative strategiche per supportare le sue iniziative.
Kirkland's Home (Nasdaq: KIRK) reportó los resultados financieros del segundo trimestre de 2024 con ventas netas de 86,3 millones de dólares y una disminución en ventas comparables del 1,7%. La compañía logró un crecimiento del 1,8% en las tiendas físicas comparables, pero enfrentó una disminución del 10,6% en ventas de comercio electrónico. El margen de beneficio bruto se expandió en 100 puntos básicos a 20,5%. La pérdida operativa mejoró en 4,8 millones de dólares hasta 13,3 millones de dólares, mientras que la pérdida de EBITDA ajustado mejoró en 3,3 millones de dólares a 10,2 millones de dólares. Kirkland's terminó el trimestre con 325 tiendas, un saldo de efectivo de 4,5 millones de dólares y 62,7 millones de dólares en deuda pendiente. La empresa ha implementado iniciativas de ahorro de costos esperando lograr 6 millones de dólares en ahorros para el ejercicio fiscal 2024 y 7 millones de dólares en ahorros anuales en impuestos en curso. Kirkland's también está revisando alternativas estratégicas para respaldar sus iniciativas.
Kirkland's Home (Nasdaq: KIRK)는 2024년 2분기 재무 결과를 보고하며 순 매출 8,630만 달러와 비교 가능한 매출 1.7% 감소를 기록했습니다. 이 회사는 비교 가능한 오프라인 매장에서 1.8% 성장을 보았지만, 전자상거래 매출 10.6% 감소에 직면했습니다. 총 이익률은 100bp 증가하여 20.5%에 달했습니다. 운영 손실은 480만 달러 개선되어 1,330만 달러가 되었고, 조정된 EBITDA 손실은 330만 달러 개선되어 1,020만 달러가 되었습니다. Kirkland's는 분기를 325개 매장과 450만 달러의 현금 잔액, 및 6,270만 달러의 미결제 부채로 마감했습니다. 이 회사는 2024 회계연도를 위해 600만 달러의 절감 효과를 기대하며 비용 절감 이니셔티브를 시행했습니다. 또한 700만 달러의 지속적인 연간 세전 절감 효과를 계획하고 있습니다. Kirkland's는 또한 이러한 이니셔티브를 지원하기 위한 전략적 대안을 검토하고 있습니다.
Kirkland's Home (Nasdaq: KIRK) a annoncé ses résultats financiers pour le deuxième trimestre 2024, avec des ventes nettes de 86,3 millions de dollars et une baisse des ventes comparables de 1,7%. L'entreprise a connu une croissance de 1,8 % dans les magasins physiques comparables, mais a subi une baisse de 10,6 % des ventes en ligne. La marge brute a augmenté de 100 points de base, atteignant 20,5 %. La perte d'exploitation s'est améliorée de 4,8 millions de dollars à 13,3 millions de dollars, tandis que la perte de l'EBITDA ajusté a été réduite de 3,3 millions de dollars pour atteindre 10,2 millions de dollars. Kirkland's a terminé le trimestre avec 325 magasins, un solde de trésorerie de 4,5 millions de dollars et 62,7 millions de dollars de dettes en cours. L'entreprise a mis en œuvre des initiatives d'économie de coûts prévoyant de réaliser 6 millions de dollars d'économies pour l'exercice 2024, ainsi qu'7 millions de dollars d'économies annuelles avant impôt en cours. Kirkland's examine également des alternatives stratégiques pour soutenir ses initiatives.
Kirkland's Home (Nasdaq: KIRK) hat die finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht, mit Nettoverkaufszahlen von 86,3 Millionen Dollar und einem Rückgang der vergleichbaren Verkäufe um 1,7%. Das Unternehmen verzeichnete ein Wachstum von 1,8% in vergleichbaren stationären Geschäften, sah sich jedoch einem Rückgang der E-Commerce-Umsätze um 10,6% gegenüber. Die Bruttogewinnmarge erweiterte sich um 100 Basispunkte auf 20,5%. Der operative Verlust verbesserte sich um 4,8 Millionen Dollar auf 13,3 Millionen Dollar, während der Verlust des bereinigten EBITDA um 3,3 Millionen Dollar auf 10,2 Millionen Dollar gesenkt wurde. Kirkland's beendete das Quartal mit 325 Geschäften, einem Barguthaben von 4,5 Millionen Dollar und 62,7 Millionen Dollar an ausstehender Verschuldung. Das Unternehmen setzte Maßnahmen zur Kostensenkung um und erwartet, 6 Millionen Dollar an Einsparungen für das Geschäftsjahr 2024 zu realisieren, sowie 7 Millionen Dollar an fortlaufenden jährlichen steuerlichen Einsparungen. Kirkland's prüft auch strategische Alternativen zur Unterstützung seiner Initiativen.
- Comparable brick-and-mortar store sales increased by 1.8%
- Gross profit margin expanded by 100 basis points to 20.5%
- Operating loss improved by $4.8 million compared to Q2 2023
- Adjusted EBITDA loss improved by $3.3 million compared to Q2 2023
- Inventory decreased by 6.3% compared to the prior year quarter
- Implemented cost savings initiatives expected to yield $6 million in savings for fiscal 2024
- Overall comparable sales decreased by 1.7%
- E-commerce sales declined by 10.6%
- Net sales decreased from $89.5 million in Q2 2023 to $86.3 million in Q2 2024
- Operating loss of $13.3 million
- Net loss of $14.5 million or $1.11 per diluted share
- Cash balance of only $4.5 million with $62.7 million in outstanding debt
Kirkland's Home Q2 2024 results show mixed signals. While net sales decreased to
The operating loss improvement of
The ongoing strategic alternatives review and cost savings initiatives are critical. While the expected
Kirkland's Home's Q2 results reflect the ongoing challenges in the retail sector, particularly for specialty home décor retailers. The
The company's focus on re-engaging core customers and refining its product assortment is important in this competitive landscape. The positive early response to the fall and holiday assortment is encouraging, but the company needs to capitalize on this to drive significant improvements in the critical second half of the year.
The omnichannel strategy remains a key area for improvement, given the stark contrast between in-store and online performance. Kirkland's must address the
Kirkland's Home's Q2 results and ongoing strategic initiatives paint a picture of a company in transition. The implementation of cost savings measures, including reductions in corporate overhead, store payroll and marketing expenses, demonstrates a commitment to improving profitability. However, these cuts must be balanced against the need for investment in key areas like e-commerce and product development.
The review of strategic alternatives is a critical process that could reshape the company's future. This could potentially lead to a range of outcomes, from securing new financing to exploring M&A opportunities or even considering a sale of the company. The lack of a set deadline for this process allows for thorough evaluation but may also create uncertainty for investors.
The company's seasonal business model, with heavy reliance on Q3 and Q4 performance, adds complexity to its financial management. The current debt levels and cash reserves make it imperative for Kirkland's to have a strong holiday season. The success of the fall and holiday assortment will be important not just for sales, but for the company's overall financial health and strategic positioning going forward.
- Net sales of
$86.3 million 1.7% , inclusive of1.8% growth in comparable brick-and-mortar stores compared to Q2 2023. - Gross profit margin expanded 100 bps to
20.5% compared to Q2 2023. - Operating loss of
$13.3 million $4.8 million - Adjusted EBITDA loss of
$10.2 million $3.3 million - Closed 4 stores to end the quarter with 325 stores.
- Ended the period with a cash balance of
$4.5 million $62.7 million
Amy Sullivan, CEO of Kirkland's Home, said, "Our second quarter comparable sales results reflect a sequential improvement from the first quarter and continued progress against our strategic initiatives. Our merchandising and marketing plans have continued to drive traffic to our stores resulting in positive comparable sales performance in the channel helping to offset the headwinds we are experiencing with our e-commerce business. Toward the end of the quarter, we began to introduce our fall and holiday assortment, and we are encouraged by our early reads, giving us further confidence in our plans for the second half of the year and our peak selling season. Through our ongoing efforts to re-engage our core customer, refocus our product assortment, and strengthen our omnichannel capabilities, we are positioning Kirkland's for improved financial performance and long-term success."
Net sales in the second quarter of 2024 were
Gross profit in the second quarter of 2024 was
Operating expenses in the second quarter of 2024 were
Operating loss in the second quarter of 2024 was
EBITDA in the second quarter of 2024 was a loss of
Net loss in the second quarter of 2024 was
As of August 3, 2024, inventory was
As of August 3, 2024, the Company had a cash balance of
The Company's inventories are typically at seasonal lows during the first quarter of the fiscal year and begin to build as the second quarter progresses. Availability under the Company's revolving credit facility and term loan fluctuates largely based on eligible inventory levels, and as eligible inventory increases in the second and third fiscal quarters in support of the Company's back-half sales plans, the Company's borrowing capacity increases correspondingly. The Company anticipates that cash flow from seasonal sales in the third and fourth quarters of fiscal 2024 will be used to reduce borrowing levels and increase liquidity.
Subsequent to August 3, 2024, the Company borrowed an additional
As previously announced, during the second quarter, the Company implemented several cost savings initiatives to better align its cost structure with the current business environment. The Company believes these actions are necessary as part of improving its profitability and liquidity trajectory while minimizing disruption to the Company's focus on its strategic initiatives and the overall customer experience. The cost savings initiatives include a reduction in corporate overhead, store payroll, marketing and third-party technology expenses. In the second through fourth quarters of fiscal 2024, the Company expects to realize approximately
As previously disclosed, the Company is currently engaged in the pursuit and evaluation of potential strategic opportunities to support the Company and its initiatives. This process is ongoing. The Company has not set a deadline or definitive timetable for the completion of the strategic alternatives review process, and there can be no assurance that this process will result in any particular outcome. The Company does not intend to comment further regarding the review of strategic alternatives until it determines disclosure is necessary or advisable.
Kirkland's Home management will host a conference call to discuss its financial results for the second quarter ended August 3, 2024, followed by a question-and-answer period with President and CEO, Amy Sullivan, and EVP and CFO, Mike Madden.
Date: Thursday, September 5, 2024
Time: 9:00 a.m. Eastern Time
Toll-free dial-in number: (855) 560-2577
International dial-in number: (412) 542-4163
Conference ID: 10191210
Please call the conference telephone number 10-15 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact ICR at KIRK@icrinc.com.
The conference call will be broadcast live and available for replay here and via the investor relations section of the Company's website at www.kirklands.com. The online replay will follow shortly after the call and continue for one year.
A telephonic replay of the conference call will be available after the conference call through September 12, 2024.
Toll-free replay number: (877) 344-7529
International replay number: (412) 317-0088
Replay ID: 3267325
Kirkland's, Inc. is a specialty retailer of home décor and furnishings in
Except for historical information contained herein, certain statements in this release, constitute forward-looking statements that are subject 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 deal with potential future circumstances and developments and are, accordingly, forward-looking in nature. You are cautioned that such forward-looking statements, which may be identified by words such as "anticipate," "believe," "expect," "estimate," "intend," "plan," "seek," "may," "could," "strategy," and similar expressions, involve known and unknown risks and uncertainties, many of which are outside of the Company's control, which may cause the Company's actual results to differ materially from forecasted results. Those risks and uncertainties include, among other things, risks associated with the Company's liquidity including cash flows from operations and the amount of borrowings under the secured revolving credit facility and term loan, the Company's ability to successfully implement cost savings and other strategic initiatives intended to improve operating results and liquidity positions, the Company's actual and anticipated progress towards its short-term and long-term objectives including its brand strategy, the risk that natural disasters, pandemic outbreaks (such as COVID-19), global political events, war and terrorism could impact on the Company's revenues, inventory and supply chain, the continuing consumer impact of inflation and countermeasures, including raising interest rates, the effectiveness of the Company's marketing campaigns, risks related to changes in
Contact: | Kirkland's Home Mike Madden 1-615-872-4800 | ICR Caitlin Churchill 1-203-682-8200 |
KIRKLAND'S, INC. | ||||||||
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | ||||||||
(In thousands, except per share data) | ||||||||
13-Week Period Ended | ||||||||
August 3, | July 29, | |||||||
2024 | 2023 | |||||||
Net sales | $ | 86,289 | $ | 89,504 | ||||
Cost of sales | 68,629 | 72,065 | ||||||
Gross profit | 17,660 | 17,439 | ||||||
Operating expenses: | ||||||||
Compensation and benefits | 18,653 | 19,217 | ||||||
Other operating expenses | 11,384 | 14,090 | ||||||
Depreciation (exclusive of depreciation included in cost of sales) | 925 | 1,222 | ||||||
Asset impairment | 20 | 1,001 | ||||||
Total operating expenses | 30,982 | 35,530 | ||||||
Operating loss | (13,322) | (18,091) | ||||||
Other expense, net | 1,300 | 623 | ||||||
Loss before income taxes | (14,622) | (18,714) | ||||||
Income tax (benefit) expense | (118) | 650 | ||||||
Net loss | $ | (14,504) | $ | (19,364) | ||||
Loss per share: | ||||||||
Basic | $ | (1.11) | $ | (1.51) | ||||
Diluted | $ | (1.11) | $ | (1.51) | ||||
Weighted average shares outstanding: | ||||||||
Basic | 13,074 | 12,857 | ||||||
Diluted | 13,074 | 12,857 | ||||||
KIRKLAND'S, INC. | ||||||||
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | ||||||||
(In thousands, except per share data) | ||||||||
26-Week Period Ended | ||||||||
August 3, | July 29, | |||||||
2024 | 2023 | |||||||
Net sales | $ | 178,042 | $ | 186,379 | ||||
Cost of sales | 133,314 | 143,069 | ||||||
Gross profit | 44,728 | 43,310 | ||||||
Operating expenses: | ||||||||
Compensation and benefits | 37,939 | 39,256 | ||||||
Other operating expenses | 25,702 | 28,828 | ||||||
Depreciation (exclusive of depreciation included in cost of sales) | 1,886 | 2,428 | ||||||
Asset impairment | 31 | 1,226 | ||||||
Total operating expenses | 65,558 | 71,738 | ||||||
Operating loss | (20,830) | (28,428) | ||||||
Other expense, net | 2,311 | 1,033 | ||||||
Loss before income taxes | (23,141) | (29,461) | ||||||
Income tax expense | 193 | 2,010 | ||||||
Net loss | $ | (23,334) | $ | (31,471) | ||||
Loss per share: | ||||||||
Basic | $ | (1.79) | $ | (2.46) | ||||
Diluted | $ | (1.79) | $ | (2.46) | ||||
Weighted average shares outstanding: | ||||||||
Basic | 13,019 | 12,817 | ||||||
Diluted | 13,019 | 12,817 | ||||||
KIRKLAND'S, INC. | ||||||||||||
UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||||||
(In thousands) | ||||||||||||
August 3, | February 3, | July 29, | ||||||||||
2024 | 2024 | 2023 | ||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 4,461 | $ | 3,805 | $ | 4,890 | ||||||
Inventories, net | 92,760 | 74,090 | 98,949 | |||||||||
Prepaid expenses and other current assets | 8,216 | 7,614 | 5,697 | |||||||||
Total current assets | 105,437 | 85,509 | 109,536 | |||||||||
Property and equipment, net | 25,454 | 29,705 | 33,878 | |||||||||
Operating lease right-of-use assets | 128,046 | 126,725 | 133,352 | |||||||||
Other assets | 7,282 | 8,634 | 6,818 | |||||||||
Total assets | $ | 266,219 | $ | 250,573 | $ | 283,584 | ||||||
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | $ | 59,967 | $ | 46,010 | $ | 56,483 | ||||||
Accrued expenses | 20,956 | 23,163 | 26,432 | |||||||||
Operating lease liabilities | 38,602 | 40,018 | 40,249 | |||||||||
Total current liabilities | 119,525 | 109,191 | 123,164 | |||||||||
Operating lease liabilities | 100,565 | 99,772 | 111,746 | |||||||||
Long-term debt, net | 61,396 | 34,000 | 46,000 | |||||||||
Other liabilities | 4,438 | 4,486 | 3,834 | |||||||||
Total liabilities | 285,924 | 247,449 | 284,744 | |||||||||
Shareholders' (deficit) equity | (19,705) | 3,124 | (1,160) | |||||||||
Total liabilities and shareholders' (deficit) equity | $ | 266,219 | $ | 250,573 | $ | 283,584 | ||||||
KIRKLAND'S, INC. | ||||||||
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS | ||||||||
(In thousands) | ||||||||
26-Week Period Ended | ||||||||
August 3, | July 29, | |||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (23,334) | $ | (31,471) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation of property and equipment | 5,137 | 6,349 | ||||||
Amortization of debt issue costs | 256 | 50 | ||||||
Asset impairment | 31 | 1,226 | ||||||
Gain on disposal of property and equipment | (7) | (18) | ||||||
Stock-based compensation expense | 556 | 614 | ||||||
Changes in assets and liabilities: | ||||||||
Inventories, net | (18,670) | (14,878) | ||||||
Prepaid expenses and other current assets | (613) | (608) | ||||||
Accounts payable | 14,514 | 12,529 | ||||||
Accrued expenses | (2,207) | 363 | ||||||
Operating lease assets and liabilities | (1,990) | (2,976) | ||||||
Other assets and liabilities | (61) | 291 | ||||||
Net cash used in operating activities | (26,388) | (28,529) | ||||||
Cash flows from investing activities: | ||||||||
Proceeds from sale of property and equipment | 17 | 74 | ||||||
Capital expenditures | (1,193) | (2,294) | ||||||
Net cash used in investing activities | (1,176) | (2,220) | ||||||
Cash flows from financing activities: | ||||||||
Borrowings on revolving line of credit | 22,800 | 36,000 | ||||||
Repayments on revolving line of credit | (4,100) | (5,000) | ||||||
Borrowings on term loan | 10,000 | — | ||||||
Debt issuance costs | (429) | (456) | ||||||
Cash used in net share settlement of stock options and restricted stock units | (51) | (76) | ||||||
Net cash provided by financing activities | 28,220 | 30,468 | ||||||
Cash and cash equivalents: | ||||||||
Net increase (decrease) | 656 | (281) | ||||||
Beginning of the period | 3,805 | 5,171 | ||||||
End of the period | $ | 4,461 | $ | 4,890 | ||||
Supplemental schedule of non-cash activities: | ||||||||
Non-cash accruals for purchases of property and equipment | $ | 227 | $ | 914 | ||||
Non-cash accruals for debt issuance costs | 830 | — | ||||||
To supplement our unaudited consolidated condensed financial statements presented in accordance with generally accepted accounting principles ("GAAP"), this earnings release and the related earnings conference call contain certain non-GAAP financial measures, including EBITDA, adjusted EBITDA and adjusted operating loss. These measures are not in accordance with, and are not intended as alternatives to, GAAP financial measures. The Company uses these non-GAAP financial measures internally in analyzing our financial results and believes that they provide useful information to analysts and investors, as a supplement to GAAP financial measures, in evaluating the Company's operational performance.
The Company defines EBITDA as net loss before interest and the provision for income tax, which is equivalent to operating loss, adjusted for depreciation and asset impairment, adjusted EBITDA as EBITDA with non-GAAP adjustments and adjusted operating loss as adjusted EBITDA including depreciation.
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meanings prescribed by GAAP. Use of these terms may differ from similar measures reported by other companies. Each non-GAAP financial measure has its limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of the Company's results as reported under GAAP. The Company's non-GAAP adjustments remove stock based compensation expense, due to the non-cash nature of this expense, and remove severance, as it fluctuates based on the needs of the business and does not represent a normal, recurring operating expense.
The following table shows an unaudited non-GAAP measure reconciliation of operating loss to EBITDA, adjusted EBITDA and adjusted operating loss (in thousands) for the periods indicated:
13-Week Period Ended | 26-Week Period Ended | |||||||||||||||
August 3, 2024 | July 29, 2023 | August 3, 2024 | July 29, 2023 | |||||||||||||
Operating loss | $ | (13,322) | $ | (18,091) | $ | (20,830) | $ | (28,428) | ||||||||
Depreciation | 2,513 | 3,092 | 5,137 | 6,349 | ||||||||||||
Asset impairment (1) | 20 | 1,001 | 31 | 1,226 | ||||||||||||
EBITDA | (10,789) | (13,998) | (15,662) | (20,853) | ||||||||||||
Non-GAAP adjustments to operating expenses: | ||||||||||||||||
Stock-based compensation expense(2) | 264 | 124 | 556 | 614 | ||||||||||||
Severance charges(3) | 317 | 378 | 390 | 907 | ||||||||||||
Total non-GAAP adjustments | 581 | 502 | 946 | 1,521 | ||||||||||||
Adjusted EBITDA | (10,208) | (13,496) | (14,716) | (19,332) | ||||||||||||
Depreciation | 2,513 | 3,092 | 5,137 | 6,349 | ||||||||||||
Adjusted operating loss | $ | (12,721) | $ | (16,588) | $ | (19,853) | $ | (25,681) | ||||||||
(1) | Asset impairment charges are related to property and equipment, software costs and cloud computing implementation costs. Asset impairment was previously shown as a non-GAAP adjustment. The current presentation includes asset impairment as a reconciling item between operating loss and EBITDA. Prior periods have been reclassified to conform to the current period presentation. |
(2) | Stock-based compensation expense includes amounts amortized to expense related to equity incentive plans. |
(3) | Severance charges include expenses related to severance agreements and permanent store closure compensation costs. |
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SOURCE Kirkland's, Inc.
FAQ
What were Kirkland's Home Q2 2024 comparable sales results?
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