By Denny Jacob
Kirkland's saw sales decline in its latest quarter as consumers spent less on average and bought fewer items online.
The home decor and furnishings retailer widened its loss to $7.7 million, or 59 cents a share, for the third quarter ended Nov. 2, compared to a loss of $6.4 million, or 50 cents a share, a year earlier.
Stripping out one-time items, losses came in at 29 cents a share on an adjusted basis.
Sales edged down to $114.4 million from $116.4 million.
Comparable sales decreased 3% from a year earlier, including a roughly 15% decline in e-commerce sales and 1.6% increase in comparable store sales.
Kirkland's said the decrease was primarily driven by a decline in consolidated average ticket and e-commerce conversion. Comp sales in the quarter were also negatively impacted by about 1% related to hurricane disruptions, it added.
Chief Executive Amy Sullivan said the company believes opportunities like its exclusive licensee with Beyond lie ahead.
Kirkland's shares were up 20% to $2.45 in premarket trading Friday. The stock was down more than 33% this year as of market close on Thursday.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
December 06, 2024 07:30 ET (12:30 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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