Kirkland's (KIRK) Reports Q1 Loss of $0.53/sh

Kirkland's (NASDAQ: KIRK) reported Q1 EPS of ($0.53), versus ($0.62) reported last year. Revenue for the quarter came in at $77.25 million, versus $129.65 million reported last year.

Strategic Priorities and Financial Goals

Kirkland's continues to make progress on its key strategic initiatives and financial goals. The Company currently anticipates that at the end of fiscal 2020 it will be debt free and in a positive cash position.

Kirkland's key strategic initiatives include:

• Accelerating product development to reinforce quality and relevancy and building upon the tabletop and select furniture assortments we added in 2019;
• Improving omni-channel via website enhancements, more focused marketing spend, an expanded online assortment, and an in-store experience that is aligned with our omni-channel capabilities;
• Improving the customer experience with a re-launch of our loyalty program, extending credit options and broadening delivery options; and
• Utilizing our leaner infrastructure to be more nimble in our response to changes in consumer preference and buying behaviors.

Kirkland's financial goals include:

• Improving comparable store sales performance, driven by merchandising, e-commerce growth, closure of underperforming stores and brick-and-mortar store productivity;
• Stabilizing gross margin by continuing with our current discipline of limited promotional offers, expanding direct sourcing, improving supply chain efficiency and reducing occupancy costs;
• Improving profitability by leveraging the leaner infrastructure with comparable sales growth; and
• Maintaining adequate liquidity with a goal to end fiscal 2020 with positive cash and no outstanding debt while continuing to invest in key strategic initiatives of the business.

The key strategic initiatives and financial goals are based on current information as of June 4, 2020. The information on which these initiatives and financial goals is based is subject to change, and investors are cautioned that the Company may update the initiatives and goals, or any portion thereof, at any time for any reason.

For earnings history and earnings-related data on Kirkland's (KIRK) click here.

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