Kirkland's CEO To Retire; Posts Adj. Loss In Q4, Comps. Down 6.1%

(RTTNews) - Kirkland's, Inc. (KIRK) announced that President and CEO Steve "Woody" Woodward will be retiring, effective May 31, 2023. Ann Joyce, currently a board member for Kirkland's Home, will be stepping into the role of Interim CEO until a successor is named. The board is in the process of evaluating its options for a permanent successor.

Kirkland's Home also announced that Amy Sullivan, Senior Vice President and Chief Merchandising and Stores Officer, has been promoted to the role of President and Chief Operating Officer.

The company also reported a net loss in the fourth quarter of $3.8 million, or a loss of $0.30 per share, compared to net income of $12.5 million, or earnings of $0.91 per share, in the prior year quarter. Adjusted net loss was $1.1 million, or a loss of $0.09 per share, compared to an adjusted net income of $11.4 million, or income of $0.84 per share, in the prior year quarter.

Net sales in the fourth quarter were $162.5 million, compared to $176.2 million in the prior year quarter. Comparable same-store sales decreased 6.1%, including a 5.5% decline in e-commerce sales. The company said the decrease was primarily driven by a decline in traffic, partially offset by an increase in average ticket.

At January 28, 2023, the company had a cash balance of $5.2 million and total liquidity of $46.2 million. As of March 31, 2023, Kirkland's Home has entered into an amended senior credit facility with its existing lender, Bank of America, N.A. The Credit Agreement increases the face amount of the revolving line of credit to $90 million, and extends the maturity date to March 2028.

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