NASHVILLE, Tenn., May 18, 2020 /PRNewswire/ -- Kirkland's, Inc.
(NASDAQ: KIRK) provided an update on store openings, e-commerce
sales and its liquidity in light of most states in the Company's
store base beginning to lift their stay-at-home orders.
"The tremendous effort shown by our employees over the past
several weeks has enabled us to successfully execute our
contingency plans through phased store openings and contactless
curbside pickup," said Woody
Woodward, Chief Executive Officer. "We are pleased with the
initial demand and the continued strength of our e-commerce sales.
Combined with the substantial cost cutting measures we took to
ensure we have the right infrastructure in place, we believe these
early results provide us with sufficient liquidity to continue
serving our customers in the stores and online and help them
furnish a home of any size on a budget with an expanded merchandise
- Of the Company's 405 stores, 301 are now open to customer
traffic and another 95 stores offer contactless curbside pickup.
The Company is unable to predict when all of its stores can reopen
to customer traffic, but it will continue to follow the guidance of
the Centers for Disease Control and Prevention, as well as local
and state government officials.
- In the period since the stores closed on March 19, the Company's e-commerce demand has
increased 96% to $23.7 million.
- As previously disclosed, the Company drew down $40 million of its $75
million revolving credit facility. As of May 18, 2020, the Company had approximately
$29 million of cash on hand and
another $23 million available on our
revolving credit facility.
- The Company expects to report results for the first quarter of
fiscal 2020 in early June.
The COVID-19 pandemic is complex and evolving rapidly, and the
Company's plans may change.
About Kirkland's, Inc.
Kirkland's, Inc. is a specialty retailer of home décor in
the United States, currently
operating 405 stores in 36 states as well as an e-commerce enabled
website, www.kirklands.com. The Company's stores present a broad
selection of distinctive merchandise, including holiday décor,
furniture, art, fragrance and accessories, ornamental wall décor,
decorative accessories, mirrors, lamps, textiles, artificial floral
products, gifts, housewares, outdoor living items, frames and
clocks. The Company's stores offer an extensive assortment of
holiday merchandise during seasonal periods as well as items
carried throughout the year suitable for gift-giving. More
information can be found at www.kirklands.com.
Forward Looking Statements
Except for historical information contained herein, the
statements in this release are forward-looking and made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements involve known and
unknown risks and uncertainties, which may cause Kirkland's actual
results to differ materially from forecasted results. Those risks
and uncertainties include, among other things, the impact of store
closures in 2020, the effectiveness of the Company's marketing
campaigns, risks related to changes in U.S. policy related to
imported merchandise, particularly with regard to the impact of
tariffs on goods imported from China and strategies undertaken to mitigate
such impact, risks associated with the spread of COVID-19 and its
possible impact on the Company's revenues and supply chain, the
Company's ability to retain its senior management team, continued
volatility in the price of the Company's common stock, the
competitive environment in the home décor industry in general and
in Kirkland's specific market areas, inflation, fluctuations in
cost and availability of products, interruptions in supply chain
and distribution systems, including our e-commerce systems and
channels, the ability to control employment and other operating
costs, availability of suitable retail locations and other growth
opportunities, disruptions in information technology systems
including the potential for security breaches of Kirkland's or its
customers' information, seasonal fluctuations in consumer spending,
and economic conditions in general. Those and other risks are more
fully described in Kirkland's filings with the Securities and
Exchange Commission, including the Company's Annual Report
on Form 10-K filed on April 10,
2020 and subsequent reports. Kirkland's disclaims any
obligation to update any such factors or to publicly announce
results of any revisions to any of the forward-looking statements
contained herein to reflect future events or developments.
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SOURCE Kirkland's, Inc.