— Kirkland’s Inc. (NASDAQ: KIRK) reported a third-quarter 2019 adjusted loss of $0.58 per share versus a loss of $0.50 per share expected.
— Net sales fell by 6.2% to $144.9 million versus $137.17 million expected. Kirkland’s opened one store and closed no store during the third quarter, bringing the total number of stores to 432 at quarter-end.
— Comparable store sales, including e-commerce sales, decreased 6.4% compared to an increase of 1.4% in the prior-year quarter. Store sales were impacted by negative store traffic, which was partially offset by an improvement in conversion.
— The company recorded growth in e-commerce sales, which were driven by gains in traffic and conversion, partially offset by a decline in average ticket.
— Looking ahead into fiscal 2019, adjusted loss guidance is widened to the range of $2.00-1.75 per share from the previous range of $1.50-1.25 per share. The consensus estimates loss of $1.39 per share.
— The forecast reflected continued pressure on revenue and gross margin as the company moves forward on its various business improvement initiatives.
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