On Thursday, Kirkland's, Inc. (NASDAQ: KIRK) released financial results for the first quarter of fiscal 2018. With both revenue and earnings beating estimates, shares of the company surged 16% in premarket trading on Thursday, reaching five-month high.
“We are pleased with our first quarter results,” Mike Cairnes, the Acting Chief Executive Officer of the company, commented on Thursday. “Kirkland's achieved record sales in the quarter driven by continued momentum in our e-commerce business and gains in both conversion and average ticket in store.”
According to the company, revenue for the first quarter increased 7.2% to $142.5 million, beating analysts’ estimates of $140.3 million. In addition, same-store sales increase 1.4%, also surpassing analysts’ estimates of a 1.3% growth.
For the first quarter, the company reported net loss of $882 million, or 6 cents per share, which narrowed from net loss of $1.44 billion, or 9 cents per share, for the same period last year. Excluding certain items, the company’s earnings per share broken even, which was better than expectations of a loss of 10 cents per share.
“I am proud of the way our team is coming together, and I am optimistic about the prospect of improving financial performance and long-term value for shareholders,” Mike said on Thursday.