Kirkland's Posts Larger Than Projected Decline In Dec Comps.; Adjusts Year-end Balance Sheet Outlook

(RTTNews) - Kirkland's, Inc. (KIRK) reported that its comparable sales for the fourth quarter decreased 5.5% from last year. This included flat comparable sales for November 2022 and an 11% decrease for December 2022, from a year ago.

Kirkland's Home now expects ending the fiscal year with approximately $15 million to $17 million in net borrowings. The company also now expects to end the fiscal year with inventory closer to the high end of the $70 million to $80 million range.

"While sales trends began to improve in November, a continued volatile consumer environment in December impacted customer traffic following our Black Friday promotional events," said Steve Woodward, CEO of Kirkland's Home.