Kirkland’s, Inc. (KIRK) stock plunged 30.27% in the current-market trading session at the price of $14.55 after it reported its financial results for the third quarter ended 30th October 2021.
KIRK is a specialty retailer of home décor located in the United States. It sells holiday décor, wall décor, textiles, decorative accessories, mirrors, art, perfumes, furniture, and other home decorating articles.
KIRK Third Quarter 2021 Financial Results
On 2nd December 2021, KIRK published its financial results for the three months ending 30th October 2021. The company has also presented business highlights.
Financial Summary
KRTK reported net sales of $143.6 million for the third quarter ended 30th October 2021. It represents a drop of 2.0% from the same quarter of 2020. During the third quarter of 2021, comparable sales declined 0.7% from the third quarter of 2020. The gross profit margin was 34.7% for the third quarter of 2021, which decreased 140 basis points from the third quarter of 2020. The company reported a total of 369 stores by the end of the third quarter.
KIRK reported earnings per diluted share of $0.51 for the third quarter ended 30th October 2021. Earnings per diluted share were $0.82 for the same three months of 2020. For the third quarter of 2021, adjusted earnings per diluted share were $0.51. Adjusted earnings per diluted share totaled $0.66 for the third quarter of 2020. On 30th October 2021, KIRK has a cash balance of approximately $26.5 million with no outstanding debt. Total liquidity was $100.9 million as of 30th October 2021.
For the third quarter ended 30th October 2021, KIRK reported an EBITDA of $14.1 million. EBITDA was $18.9 million for the third quarter of the previous year. The company reported adjusted EBITDA of $14.8 million for the third quarter ended 30th October 2021. Adjusted EBITDA totaled $18.7 million for the three months ended on 30th October 2020. For the third quarter of 2021, operating income was $9.0 million. Operating income was $13.1 million for the third quarter of last year. The company has $16.5 million in share repurchases during the third quarter of 2021.
