Kirkland's Down 30% As Q3 Results Miss View, Q4 Outlook Cut

Shares of specialty home décor retailer Kirkland's, Inc. (KIRK) are down 30 percent on Thursday's trading after the company recorded lower third quarter results, which came in below the Street expectations. The company also lowered its earnings and same-store sales outlook for the fourth quarter.

The company posted third-quarter net income of $7.23 million or $0.51 per share, lower than $12.4 million or $0.82 per share in the same period last year.

Excluding items, income was $7.34 million or $0.51 per share, compared to income of $9.99 million or $0.66 per share in the year-ago quarter, while analysts were looking for income of $0.56 per share for the period.

Quarterly sales declined 2 percent to $143.6 million from $146.6 million last year, while analysts were looking for sales of $146.1 million for the period.

Looking ahead, in the fourth quarter, the company now expects a mid-to-high-single-digit decline in same-store sales. With the expected sales decline and freight impact, the company anticipates fourth-quarter earnings to be lower than the prior-year period, while still expecting year-over-year earnings growth of approximately 50% for full-year 2021.

Currently at $14.40, the stock has traded between $14.47 and $34.45 during the past 52 weeks.

For comments and feedback contact: editorial@rttnews.com

Business News

Invest in the Best Pharma Stocks by Subscribing to RTT Biotech Investor.
Follow RTT