Kirkland's (KIRK) Tops Q1 EPS by 13c

Kirkland's (NASDAQ: KIRK) reported Q1 EPS of $0.12, $0.13 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $123.6 million versus the consensus estimate of $128.01 million.

"With continued momentum generated from our merchandise assortments and strong operational execution, we reported a 75.3% comparable sales increase and our most profitable first quarter in over five years," noted Woody Woodward, Chief Executive Officer. "Despite the substantial ongoing disruptions in the global supply chain and resulting pressures on freight costs and inventory availability, our team is managing through each challenge. We are well positioned to deliver on our profitability and direct sourcing targets in addition to the continued improvement in merchandise that has been thoroughly embraced by our customers."

Mr. Woodward continued, "The ongoing recovery in home furnishings provides a number of catalysts for Kirkland's, but we believe much of our success can be attributed to the path we have charted. We are creating a formidable business model built on sustainable cost and infrastructure changes, digital transformation, a team that is excelling in innovation and productivity and a merchandise assortment that is delivering a distinct point of view as a value-oriented specialty retailer. Our strategic priorities remain unchanged and will continue to guide us, but our confidence in achieving our financial goals grows each time we perform at the level we reached during the first quarter."

For earnings history and earnings-related data on Kirkland's (KIRK) click here.

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