Kirkland’s (NASDAQ:KIRK) stock is falling hard on Thursday following the release of the retail company’s earnings report for the third quarter of 2021.
The most recent Kirkland’s earnings report starts off rough with adjusted earnings per share of 51 cents. That’s below Wall Street’s estimate of 56 cents for the quarter. It’s also down from the 66 cents per share reported during the same time last year.
Adding to the damage KIRK stock is suffering today is revenue of $143.6 million. That’s another miss compared to analysts’ revenue estimate of $146.13 million for the period. That also represents a 2% fall from Q3 2020. The company also notes it has 3.1% fewer stores since then.
Kirkland’s guidance for Q4 also isn’t helping out KIRK stock today. The company expects “a mid-to-high-single-digit same-store sales decrease for the fourth quarter of fiscal 2021.” In addition to that, it’s expecting earnings in Q4 to be down year-over-year due to a sales decline and freight impact.
Steve Woodward, president and CEO of Kirkland’s, said the following in the Q3 earnings report hammering KIRK stock today.
‘Looking at our results through the end of November, we were impacted by inconsistent traffic patterns and broader supply chain constraints. During Black Friday, we saw in-store traffic remain relatively flat on a year-over-year basis, but there was a meaningful decline in e-commerce traffic, which led to a total sales comp decline for the first month of the fiscal fourth quarter.”
The KIRK earnings report also has the stock seeing heavy trading today. As of this writing, more than 1 million shares have changed hands. That’s a jump from the company’s daily average trading volume of about 316,000 shares.
KIRK stock is down 30.5% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
