S&P 500 down 0.2%; Nasdaq off 0.1%

1 News Net

1 News - 1 Movies - 1 Music - 1 eBooks - 1 Search

 

Kirkland’s stock shoots up toward 5-month higher after results beat expectations

Shares of Kirkland’s Inc. shot up 16% toward a five-month high in premarket trade Thursday, after the home decor retailer reported fiscal first-quarter results that beat expectations. The net loss for the quarter narrowed to $882 million, or 6 cents a share, from $1.44 billion, or 9 cents a share, in the same period a year ago. Excluding non-recurring items, the company broke even on a per-share basis, compared with the FactSet consensus for a loss of 10 cents a share. Revenue rose 7.2% to $142.5 million, topping the FactSet consensus of $140.3 million, while same-store sales growth of 1.4% topped expectations of a 1.3% rise. “Kirkland’s achieved record sales in the quarter driven by continued momentum in our e-commerce business and gains in both conversion and average ticket in store,” said acting Chief Executive Mike Cairnes. The stock, on track to open at the highest level seen during regular session hours since Dec. 27, has lost 7.7% year to date through Wednesday, while the S&P 500 has gained 1.9%.

1 News Net

1 News - 1 Movies - 1 Music - 1 eBooks - 1 Search

 

Leave a Reply