Kirkland's announced financial results for the third quarter ended October 29, 2022.
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et sales in the third quarter of 2022 were $131.0 million, compared to $143.6 million in the prior year quarter.
Comparable same-store sales decreased 7.0%, including an 8.6% decline in e-commerce sales. The decrease was primarily driven by a decline in traffic and conversion, partially offset by an increase in average ticket.
Gross profit in the third quarter of 2022 was $32.7 million, or 25.0% of net sales, compared to $49.8 million, or 34.7% of net sales in the prior year quarter.
The decline was primarily a result of increased promotional activity to drive sales and reduce inventory along with higher freight costs, as well as the deleverage of fixed cost components on the lower sales base.
Operating loss in the third quarter of 2022 was $6.7 million compared to operating income of $9.0 million in the prior year quarter. The decrease was primarily a result of the aforementioned decline in gross profit and the deleverage of fixed operating costs.
EBITDA in the third quarter of 2022 was a loss of $2.6 million compared to income of $14.1 million in the prior year quarter. Adjusted EBITDA in the third quarter of 2022 was a loss of $1.7 million compared to income of $14.8 million in the prior year quarter.
Net loss in the third quarter of 2022 was $7.3 million, or a loss of $0.58 per diluted share, compared to net income of $7.2 million, or earnings of $0.51 per diluted share in the prior year quarter.
Adjusted net loss in the third quarter of 2022 was $4.8 million, or a loss of $0.38 per diluted share, compared to an adjusted net income of $7.3 million, or income of $0.51 per diluted share in the prior year quarter.
At October 29, 2022, the Company had a cash balance of $11.2 million and total liquidity of $26.2 million, with $60.0 million of outstanding debt under its $75 million senior secured revolving credit facility.
The Company repaid $30 million of its outstanding borrowings during November 2022. ■
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