Kirkland’s, Inc. 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 assortment.”
- 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.