Kirkland's, Inc. reported net sales of $114.4 million for the third quarter of fiscal 2024, a decrease from $116.4 million in the prior year quarter. Comparable sales declined by 3.0%, driven by a 14.9% decrease in e-commerce sales, partially offset by a 1.6% increase in comparable store sales. Hurricane disruptions negatively impacted comparable sales by approximately 1% during the quarter.
The company's gross profit improved to $32.1 million, or 28.1% of net sales, compared to $30.7 million, or 26.3% of net sales, in the prior year quarter. Operating loss for the quarter was $2.4 million, an improvement from an operating loss of $6.7 million in the prior year. Net loss was $7.7 million, or $0.59 per diluted share, compared to a net loss of $6.4 million, or $0.50 per diluted share, in the prior year.
As of November 2, 2024, Kirkland's had a cash balance of $6.8 million and $65.0 million of outstanding debt under its revolving credit facility, along with $15.4 million in debt to Beyond, Inc. The company had approximately $16.0 million available for borrowing under its revolving credit facility. Subsequent to the quarter, Kirkland's repaid a net $19.0 million under the revolving credit facility, reducing outstanding debt to $46.0 million with $35.0 million availability as of December 6, 2024.
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