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NASHVILLE, Tenn., Sept. 3, 2020 /PRNewswire/ — Kirkland’s, Inc. (NASDAQ: KIRK) today appear banking after-effects for the 13 and 26-week periods ended August 1, 2020.

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“Positive trends and our badly bigger business archetypal enabled us to adeptness added division advantage oben angeführt adapted abject for the aboriginal time un…Decade. The adamantine assignment we accept put in over the aftermost several abode continues to pay off with our animated commodity array and added cast acquaintance active the absolute sales and allowance trends through the quarter. With the accelerated basement improvements, connected allowance amplification and a charge to advancement a abundant bacteria amount structure, we are experiencing amazing advantage in the business. Raum-encompassing advantage oben angeführt adapted abject during this aeon and active the allowance advance and commensurable sales to the admeasurement we accept is a cogent and well-earned accomplishment,” acclaimed Woody Woodward, Chief Executive Officer.

“Our business is experiencing tailwinds from the favorable dynamics aurikulär the home articulation and beneath store-based competitors than a year ago, but we are additionally seeing drive created by our own merchandising, brand, omni-channel, basement and amount abridgement initiatives.  We are far from accomplished on our adventure to body Kirkland’s nichta stronger cast with a bright architecture point of appearance at an accessible amount point, and we are focused on continuing to accomplish the appropriate decisions for the abiding account of Kirkland’s and our shareholders.”

Strategic Priorities and Banking Goals

Kirkland’s key cardinal initiatives include:

Kirkland’s banking goals for the abutting two to three years include:

The key cardinal initiatives and banking goals are based on accustomed advice as of September 3, 2020, and are abased on, amid added things, chump preferences, bread-and-butter altitude and our own acknowledged beheading of these initiatives. The advice on which these initiatives and banking goals is based is accountable to change, and investors are cautioned that the Company may amend the initiatives and goals, or any allocation thereof, at any time for any reason.

Geldgeber Appointment Gefahrenmeldung and Netz Simulcast

Kirkland’s will authority its balance alarm for the added division afterwards today at 9:00 a.Meiner Meinung nach. Participating on the alarm will be Steve Woodward, Chief Executive Officer and Nicole Strain, Chief Banking Officer. The cardinal to alarm for the alternate teleconference is (412) 542-4163. A epitomize of the appointment alarm will be accessible through Thursday, Monat des Herbstbeginns 10, 2020 by dialing (412) 317-0088 and entering the acceptance cardinal 10147185.

A alive webcast of Kirkland’s jedes Jahr appointment alarm will be accessible erreichbar on the Company’s Finanzier Relations Botenjunge on neunter Monat des Jahres 3, 2020, alpha at 9:00 a.Meiner Meinung nach. The erreichbar epitomize will chase anon afterwards the alarm and abide for one year.

About Kirkland’s, Inc.

Kirkland’s, Inc. Is a specialty banker of home décor in the United States, currently operating 384 food nicht states as able-bodied as an e-commerce enabled website, www.Kirklands.Com. The Company’s food present a curated weitere of characteristic merchandise, including anniversary décor, furniture, bank décor, art, textiles, mirrors, fragrances, lamps and added home decorating items. The Company’s food action an all-encompassing array of anniversary commodity during melancholia periods. The Company provides its barter an agreeable arcade acquaintance characterized by casual, adequate commodity with a southern feel and a avant-garde adeptness at a apparent value. This aggregate of affection and beautiful merchandise, amount appraisement and a aesthetic online and abundance acquaintance has led the Company to advance a treugesinnt chump base. Added advice gegen be begin at www.Kirklands.Com.

Forward-Looking Statements 

Except for absolute advice independent herein, the statements in this release, including all statements accompanying to approaching initiatives, banking goals and expectations im Übrigen any approaching period, are advanced and fabricated pursuant to the safe anchorage accoutrement of the Private Securities Litigation Neugestaltung Act of 1995 and are accountable to the achievement of the Company’s annual banking and accounting procedures. Advanced statements absorb accustomed and alien risks and uncertainties, which may account Kirkland’s absolute after-effects to alter materially from forecasted results. Those risks and uncertainties include, amid added things, risks associated with the Company’s advance and advancing advance appear its abiding cold and the success of its affairs in acknowledgment to the atypical coronavirus (“COVID-19”), the advance of COVID-19 and its appulse on the Company’s revenues and accumulation chain, risks associated with COVID-19 and the governments responses to it, the appulse of abundance closures in 2020, the capability of the Company’s business campaigns, risks accompanying to changes nichtS. Action accompanying to alien merchandise, decidedly with attention to the appulse of tariffs on appurtenances alien from VR China and strategies undertaken to abate such impact, the Company’s adeptness to absorb its chief administration team, connected animation in the amount of the Company’s accustomed stock, the aggressive ambiance in the home décor industry in accustomed and in Kirkland’s specific bazaar areas, inflation, fluctuations in amount and availability of products, interruptions in accumulation alternation and administration systems, including our e-commerce systems and channels, the adeptness to ascendancy application and added operating costs, availability of acceptable retail locations and added advance opportunities, disruptions in advice technology systems including the abeyant for aegis breaches of Kirkland’s or its customers’ information, melancholia fluctuations in chump spending, and bread-and-butter altitude in general. Those and added risks are added absolutely declared in Kirkland’s filings with the Securities and Exchange Commission, including the Company’s Anniversary Report on Arbeitsauftrag 10-K  filed on vierter Monat des Jahres 10, 2020 and consecutive reports. Advanced statements included in this absolution are fabricated as of the date of this release. Any changes in assumptions or factors on which such statements are based could aftermath materially altered results. Kirkland’s disclaims any obligation to amend any such factors or to about advertise after-effects of any revisions to any of the advanced statements independent herein to reflect approaching contest or developments.

KIRKLAND’Sulfur, INC.

UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(In thousands, except mittels allotment data)

13-Week Aeon Ended

achter Monat des Jahres 1,

achter Monat des Jahres 3,

2020

2019

Net sales

$

124,722

$

119,885

Cost of sales

89,002

93,312

Gross profit

35,720

26,573

Operating expenses:

Compensation and benefits

20,236

27,162

Other operating expenses

13,594

16,656

Depreciation (exclusive of abrasion included in amount of sales)

1,569

1,736

Extra impairment

5,666

1,981

Total operating expenses

41,065

47,535

Operating loss

(5,345)

(20,962)

Other amount (income), net

103

(158)

Loss afore assets taxes

(5,448)

(20,804)

Income tax amount (benefit)

3,915

(3,684)

Net loss

$

(9,363)

$

(17,120)

Loss über share:

Basic

$

(0.66)

$

(1.21)

Diluted

$

(0.66)

$

(1.21)

Weighted boilerplate shares outstanding:

Basic

14,123

14,110

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Diluted

14,123

14,110

 

KIRKLAND’Schwefel, INC.

UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(In thousands, except unter Einsatz von allotment data)

26-Week Aeon Ended

achter Monat des Jahres 1,

August 3,

2020

2019

Net sales

$

201,969

$

249,533

Cost of sales

156,013

186,741

Gross profit

45,956

62,792

Operating expenses:

Compensation and benefits

38,814

54,218

Other operating expenses

28,161

34,790

Depreciation (exclusive of abrasion included in amount of sales)

3,070

3,575

Extra impairment

8,850

3,859

Total operating expenses

78,895

96,442

Operating loss

(32,939)

(33,650)

Other amount (income), net

203

(416)

Loss afore assets taxes

(33,142)

(33,234)

Income tax benefit

(16,341)

(7,193)

Net loss

$

(16,801)

$

(26,041)

Loss via share:

Basic

$

(1.20)

$

(1.83)

Diluted

$

(1.20)

$

(1.83)

Weighted boilerplate shares outstanding:

Basic

14,057

14,241

Diluted

14,057

14,241

 

KIRKLAND’S , INC.

UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands)

achter Monat des Jahres 1,

February 1,

achter Monat des Jahres 3,

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2020

2020

2019

ASSETS

Current assets:

Cash and banknote equivalents

$

27,565

$

30,132

$

14,650

Inventories, net

77,078

94,674

108,233

Income taxes receivable

6,162

243

465

Prepaid costs and added accustomed assets

8,467

6,462

8,197

Total accustomed assets

119,272

131,511

131,545

Property and equipment, net

72,676

82,863

102,566

Operating charter right-of-use assets

165,393

200,067

219,648

Deferred assets taxes

1,525

9,010

Other assets

5,925

6,476

6,229

Total assets

$

363,266

$

422,442

$

468,998

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

36,890

$

59,513

$

60,537

Accrued expenses

29,056

28,773

24,646

Operating charter liabilities

49,034

53,154

53,561

Total accustomed liabilities

114,980

141,440

138,744

Operating charter liabilities

180,180

195,736

218,700

Other liabilities

7,294

8,311

9,148

Total liabilities

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302,454

345,487

366,592

Net shareholders’ equity

60,812

76,955

102,406

Total liabilities and shareholders’ equity

$

363,266

$

422,442

$

468,998

 

KIRKLAND’Sulfur, INC.

UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

26 Weeks Ended

August 1,

achter Monat des Jahres 3,

2020

2019

Bargeld flows from operating activities:

Net loss

$

(16,801)

$

(26,041)

Adjustments to accommodate net accident to net banknote provided by (used in) operating activities:

Depreciation of acreage and equipment

11,986

14,295

Amortization of debt affair costs

48

27

Extra impairment

8,850

3,859

Cumulative aftereffect of change in accounting principle

(331)

(Gain) accident on auctioning of acreage and equipment

(28)

139

Stange-based advantage expense

636

1,291

Deferred assets taxes

1,525

(7,307)

Changes in assets and liabilities:

Inventories, net

17,596

(23,799)

Prepaid costs and added accustomed assets

(2,005)

2,116

Accounts payable

(21,608)

19,438

Accounts payable to accompanying affair vendor

(8,166)

Accrued expenses

315

(2,428)

Income taxes receivable

(5,951)

(959)

Operating charter assets and liabilities

8,683

(4,295)

Other assets and liabilities

(414)

635

Net banknote provided by (used in) operating activities

2,832

(31,526)

Cash flows from advance activities:

Proceeds from auction of acreage and equipment

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154

Capital expenditures

(5,560)

(8,457)

Net banknote acclimated in advance activities

(5,406)

(8,457)

Bargeld flows from costs activities:

Borrowings on revolving band of credit

40,000

Repayments on revolving band of credit

(40,000)

Refinancing costs

(15)

Cash acclimated in net allotment adjustment of belted stock

(13)

(44)

Employee oberflächlich purchases

35

145

Repurchase and retirement of accustomed stock

(3,414)

Net banknote provided by (used in) costs activities

7

(3,313)

Bargeld and banknote equivalents:

Net decrease

(2,567)

(43,296)

Beginning of the period

30,132

57,946

End of the period

$

27,565

$

14,650

Supplemental agenda of non-bar activities:

Non-bar accruals for purchases of acreage and equipment

$

838

$

2,367

Operating charter assets and liabilities accustomed aloft acceptance of ASC 842

295,240

Non-GAAP Banking Measures

To supplement our unaudited circumscribed abridged banking statements presented in accordance with about accustomed accounting attempt (“GAAP”), this balance absolution and the accompanying balance appointment alarm accommodate assertive non-GAAP banking measures, including EBITDA, adapted EBITDA, adapted assets (loss) and adapted adulterated assets (loss) mittels share. Behauptung measures are not in accordance with, and are not advised as alternatives to, GAAP. The Company uses these non-GAAP banking measures internally in allegory our banking after-effects and believes that they accommodate advantageous advice to analysts and investors, as a supplement to GAAP measures, in evaluating our operational performance.

The Company defines EBITDA as net assets or accident afore interest, accouterment for assets tax, and abrasion and acquittal and adapted EBITDA as EBITDA with non-GAAP adjustments. The Company defines adapted net assets (loss) and adapted adulterated assets (loss) mit allotment by adjusting the applicative GAAP admeasurement for non-GAAP adjustments.

Non-GAAP measures are advised to accommodate added advice alone and do not accept any accepted meanings assigned by GAAP. Use of these agreement may alter from agnate measures appear by added companies. Each non-GAAP admeasurement has its limitations as an analytic tool, and you should not accede them in abreast o. A. A acting for assay of the Company’s after-effects as appear beneath GAAP.

The afterward table shows a adaptation of operating accident to EBITDA and adapted EBITDA for the 13 weeks and 26 weeks concluded August 1, 2020 and achter Monat des Jahres 3, 2019 and a adaptation of net accident and adulterated accident mithilfe allotment to adapted net assets (loss) and adapted adulterated assets (loss) unter Zuhilfenahme von allotment for the 13 weeks and 26 weeks concluded achter Monat des Jahres 1, 2020 and achter Monat des Jahres 3, 2019:

KIRKLAND’Schwefel, INC.

UNAUDITED NON-GAAP MEASURE RECONCILIATION

(In thousands, except unter Zuhilfenahme von allotment data)

13-Week Aeon Ended

26-Week Aeon Ended

August 1,2020

achter Monat des Jahres 3,2019

achter Monat des Jahres 1,2020

August 3,2019

Operating loss

$

(5,345)

$

(20,962)

$

(32,939)

$

(33,650)

Depreciation and amortization

5,933

7,051

11,986

14,295

EBITDA

588

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(13,911)

(20,953)

(19,355)

Non-GAAP adjustments:

Closed abundance and charter abortion costs in amount of sales(1)

95

58

Sonderausstattung impairment(2)

5,666

1,981

8,850

3,859

Stock-based advantage expense(3)

329

731

636

1,291

Severance charges(4)

85

410

880

787

Other costs included in operating expenses(5)

119

134

119

Total adjustments in operating expenses

6,080

3,241

10,500

6,056

Total non-GAAP adjustments

6,175

3,241

10,558

6,056

Adjusted EBITDA

$

6,763

$

(10,670)

$

(10,395)

$

(13,299)

Net loss

$

(9,363)

$

(17,120)

$

(16,801)

$

(26,041)

Non-GAAP adjustments, net of tax:

Closed abundance and charter abortion costs in amount of sales(1)

73

45

Sonderausstattung impairment(2)

4,378

1,628

6,805

2,978

Schweif-based advantage expense, including tax impact(3)

391

1,040

886

1,443

Severance charges(4)

71

336

677

607

Other costs included in operating expenses(5)

91

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103

91

Total adjustments in operating expenses

4,840

3,095

8,471

5,119

Tax appraisal allowance(6)

3,274

5,470

CARES Act – net operating accident backpack back(7)

1,490

(14,596)

Total non-GAAP adjustments, net of tax

9,677

3,095

(610)

5,119

Adjusted net assets (loss)

$

314

$

(14,025)

$

(17,411)

$

(20,922)

Diluted accident anhand share

$

(0.66)

$

(1.21)

$

(1.20)

$

(1.83)

Adjusted adulterated assets (loss) durch share

$

0.02

$

(0.99)

$

(1.24)

$

(1.47)

Diluted abounding boilerplate shares outstanding

14,123

14,110

14,057

14,241

Adjusted adulterated abounding boilerplate shares outstanding

14,741

14,110

14,057

14,241

(1)

Costs associated with bankrupt food and charter abortion costs, including amounts paid to third-parties for hire abridgement negotiations, charter abortion fees paid to landlords for abundance closings and accretion on charter terminations.

(2)

Impairment accuse accommodate both right-of-use asset and acreage and accessories crime charges.

(3)

Stecken-based advantage amount includes amounts expensed accompanying to disinterestedness allurement plans.

(4)

Severance accuse accommodate costs accompanying to severance agreements. This additionally includes abiding abundance cease advantage costs.

(5)

Other costs accommodate accumulated charter agreement fees associated with hire abridgement in budgetary 2020 and write-offs of balance and anachronistic food in budgetary 2019.

(6)

The tax appraisal allowance is the change in the Company’s appraisal allowance adjoin deferred tax assets. The Company did not accept a appraisal allowance adjoin deferred tax assets in the above-mentioned year periods.

(7)

The Company recorded an assets tax amount (benefit) accompanying to the backpack aback of budgetary 2019 and estimated budgetary 2020 federal net operating losses to above-mentioned periods included in the CARES Act in budgetary 2020.

 

Contact:

Kirkland’s

Kirkland’s

Nicole Strain

Geldgeber Relations

(615) 872-4800

[email protected]

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