Kirkland's Holiday Comps. Down 6.4%, Reiterates Outlook; Announces Share Repurchase Plan

(RTTNews) - Kirkland's, Inc. (KIRK) reported that comparable sales for the fourth quarter through December 2021 decreased 6.4%. This included a 9.5% comparable sales decrease for November 2021 and a 3.3% decrease for December 2021.

"After closing out the month of December, our comparable sales are in-line with the revised expectations we discussed on our last quarterly earnings report," said Steve "Woody" Woodward, CEO of Kirkland's.

For the fourth quarter, the company continues to expect a mid-to-high-single-digit same-store sales decrease. With the expected sales decline and freight impact, the company continues to anticipate earnings in the fourth quarter to be lower than the prior-year period.

For fiscal 2021, the company continues to expect a mid-single digit same-store sales increase. The company still expects year-over-year earnings growth of approximately 50% for fiscal 2021.

Kirkland's also said its board has authorized a new share repurchase plan providing for the purchase in the aggregate of $30 million of the outstanding common stock.