Kirkland's, Inc. reported net sales of $148.9 million for the fourth quarter of fiscal 2024, compared to $165.9 million in the prior year quarter, which included an extra week. For the full fiscal year 2024, net sales were $441.4 million, down from $468.7 million in the prior year. The company achieved a net income of $7.9 million, or $0.51 per diluted share, for Q4 2024, and a net loss of $23.1 million, or $1.77 per diluted share, for the full year.
As of February 1, 2025, Kirkland's had a cash balance of $3.8 million, with $43.0 million of outstanding debt under its revolving credit facility and $17.0 million in debt to Beyond, Inc. The company had approximately $4.3 million available for borrowing under the revolving credit facility. Management noted substantial doubt about the company's ability to continue as a going concern for at least 12 months due to uncertainties surrounding tariff policy and macroeconomic conditions.
Kirkland's is in active discussions to finalize a commitment for an additional $5.0 million from Beyond, Inc. to expand the existing credit agreement, expected to close next week. These funds are intended for general working capital and the conversion of certain locations to Bed Bath & Beyond Home and Overstock stores. The company expects to receive waivers from its lenders for non-compliance with debt covenants related to the going concern uncertainty.
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