Consumer Discretionary › Retail-Retail Stores, Nec
KIRK Stock Price Correlated With Kirklands Financials
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Income Statement
Cash Flow
Balance Sheet
KIRK Income Statement
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KIRK Cash Flow
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Operating Activities Net Income:
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Repurchases/Buybacks Common Stock:
Issuance of Long-term Debt:
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Purchases of Businesses, Net of Cash:
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KIRK Balance Sheet
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Accounts Receivable, Net:
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COMPANY PROFILE
Note 1 — Description of Business and Significant Accounting Policies
Nature of busines s — Kirkland’s, Inc. (the “Company”) is a specialty retailer of home furnishings in the United States operating 361 stores in 35 states as of January 29, 2022, as well as an e-commerce website, www.kirklands.com, under the Kirkland’s Home brand.
Principles of consolidation — The consolidated financial statements of the Company include the accounts of Kirkland’s, Inc. and its wholly-owned subsidiaries Kirkland’s Stores, Inc., Kirkland’s DC, Inc. and Kirkland’s Texas, LLC. Significant intercompany accounts and transactions have been eliminated.
Use of estimates — The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from the estimates and assumptions used.
Changes in estimates are recognized in the period when new information becomes available to management. Areas where the nature of the estimate makes it reasonably possible that actual results could materially differ from amounts estimated include, but are not limited to, impairment assessments on long-lived assets, inventory reserves, self-insurance reserves and deferred tax asset valuation allowances.
COVID-19 Pandemic — The COVID-19 pandemic has created significant public health concerns as well as economic disruption, uncertainty and volatility, which has affected the Company’s business operations in fiscal 2020 and fiscal 2021. As a result, as the pandemic persists and/or worsens, the Company’s accounting estimates and assumptions could be impacted in subsequent periods, and it is reasonably possible such changes could be significant.
Fiscal year — The Company’s fiscal year is comprised of the 52 or 53-week period ending on the Saturday closest to January 31. Accordingly, fiscal 2021, 2020 and 2019 represented the 52 weeks ended on January 29, 2022, January 30, 2021 and February 1, 2020, respectively.
Cash and cash equivalents — Cash and cash equivalents consist of cash on deposit in banks and payments due from banks for customer credit cards, as they generally settle within 24-48 hours.
Inventory — The Company’s inventory is stated at the lower of cost or net realizable value, net of reserves and allowances, with cost determined using the average cost method, with average cost approximating current cost. Inventory cost consists of the direct cost of merchandise including freight. The carrying value of our inventory is affected by reserves for shrinkage, damages and obsolescence.
The Company incurs various types of warehousing, transportation and delivery costs in connection with inventory purchases and distribution. Such costs are included as a component of the overall cost of inventories and recognized as a component of cost of sales as the related inventory is sold. As of January 29, 2022 and January 30, 2021, there were $6.9 million and $4.0 million, respectively, of distribution center costs included in inventory on the consolidated balance sheets.
The Company estimates as a percentage of sales the amount of inventory shrinkage that has occurred between the most recently completed store physical count and the end of the financial reporting period based upon historical physical inventory count results. The Company adjusts these estimates based on changes, if any, in the trends yielded by its physical inventory counts, which occur throughout the fiscal year. The reserve for estimated inventory shrinkage was $1.4 million and $1.7 million as of January 29, 2022 and January 30, 2021, respectively.
The Company estimates a reserve for unknown damaged inventory based on historical damage data. Management adjusts these estimates based on any changes in actual damage results. The reserve for estimated
damaged inv entory was approxim
Nature of busines s — Kirkland’s, Inc. (the “Company”) is a specialty retailer of home furnishings in the United States operating 361 stores in 35 states as of January 29, 2022, as well as an e-commerce website, www.kirklands.com, under the Kirkland’s Home brand.
Principles of consolidation — The consolidated financial statements of the Company include the accounts of Kirkland’s, Inc. and its wholly-owned subsidiaries Kirkland’s Stores, Inc., Kirkland’s DC, Inc. and Kirkland’s Texas, LLC. Significant intercompany accounts and transactions have been eliminated.
Use of estimates — The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from the estimates and assumptions used.
Changes in estimates are recognized in the period when new information becomes available to management. Areas where the nature of the estimate makes it reasonably possible that actual results could materially differ from amounts estimated include, but are not limited to, impairment assessments on long-lived assets, inventory reserves, self-insurance reserves and deferred tax asset valuation allowances.
COVID-19 Pandemic — The COVID-19 pandemic has created significant public health concerns as well as economic disruption, uncertainty and volatility, which has affected the Company’s business operations in fiscal 2020 and fiscal 2021. As a result, as the pandemic persists and/or worsens, the Company’s accounting estimates and assumptions could be impacted in subsequent periods, and it is reasonably possible such changes could be significant.
Fiscal year — The Company’s fiscal year is comprised of the 52 or 53-week period ending on the Saturday closest to January 31. Accordingly, fiscal 2021, 2020 and 2019 represented the 52 weeks ended on January 29, 2022, January 30, 2021 and February 1, 2020, respectively.
Cash and cash equivalents — Cash and cash equivalents consist of cash on deposit in banks and payments due from banks for customer credit cards, as they generally settle within 24-48 hours.
Inventory — The Company’s inventory is stated at the lower of cost or net realizable value, net of reserves and allowances, with cost determined using the average cost method, with average cost approximating current cost. Inventory cost consists of the direct cost of merchandise including freight. The carrying value of our inventory is affected by reserves for shrinkage, damages and obsolescence.
The Company incurs various types of warehousing, transportation and delivery costs in connection with inventory purchases and distribution. Such costs are included as a component of the overall cost of inventories and recognized as a component of cost of sales as the related inventory is sold. As of January 29, 2022 and January 30, 2021, there were $6.9 million and $4.0 million, respectively, of distribution center costs included in inventory on the consolidated balance sheets.
The Company estimates as a percentage of sales the amount of inventory shrinkage that has occurred between the most recently completed store physical count and the end of the financial reporting period based upon historical physical inventory count results. The Company adjusts these estimates based on changes, if any, in the trends yielded by its physical inventory counts, which occur throughout the fiscal year. The reserve for estimated inventory shrinkage was $1.4 million and $1.7 million as of January 29, 2022 and January 30, 2021, respectively.
The Company estimates a reserve for unknown damaged inventory based on historical damage data. Management adjusts these estimates based on any changes in actual damage results. The reserve for estimated
damaged inv entory was approxim
Free historical financial statements for Kirklands Inc. See how revenue, income, cash flow, and balance sheet financials have changed over 48 quarters since 2012. Compare with KIRK stock chart to see long term trends.
Data imported from Kirklands Inc SEC filings. Check original filings before making any investment decision.