Kirkland's, Inc. Files 2024 10-K Report

TL;DR

<b>Kirkland's, Inc. has filed its annual 10-K report for the fiscal year ending February 3, 2024, detailing financial performance and operational aspects.</b>

AI Summary

KIRKLAND'S, INC (TBHC) filed a Annual Report (10-K) with the SEC on March 29, 2024. Kirkland's, Inc. filed its 10-K for the fiscal year ending February 3, 2024. The filing covers financial performance and operational details for the fiscal year 2023. Key dates mentioned include February 3, 2024 (fiscal year end) and March 29, 2024 (filing date). The company's business address is 5310 Maryland Way, Brentwood, TN 37027. The filing references various credit agreements, including a revolving credit facility and a term loan credit agreement.

Why It Matters

For investors and stakeholders tracking KIRKLAND'S, INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Kirkland's financial health, operational strategies, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The detailed information on credit facilities and debt agreements is important for understanding the company's leverage and its ability to manage financial obligations.

Risk Assessment

Risk Level: medium — KIRKLAND'S, INC shows moderate risk based on this filing. The company's financial performance and operational details for fiscal year 2023 are presented in this 10-K, indicating a need for investors to analyze these specifics to gauge risk.

Analyst Insight

Investors should carefully review the financial statements and risk factors detailed in the 10-K to make informed investment decisions regarding Kirkland's, Inc.

Key Numbers

• 2024-02-03 — Fiscal Year End (Conformed period of report)
• 2024-03-29 — Filing Date (Filed as of date)
• 5990 — Standard Industrial Classification (SIC code for Retail Stores, NEC)

Key Players & Entities

• KIRKLAND'S, INC (company) — Filer name
• 2024-02-03 (date) — Fiscal year end
• 2024-03-29 (date) — Filing date
• 5310 MARYLAND WAY (address) — Business address street
• BRENTWOOD (location) — Business address city
• TN (location) — Business address state
• 37027 (postal_code) — Business address zip
• 615-872-4800 (phone_number) — Business phone

FAQ

Industry Context

Kirkland's, Inc. operates in the retail sector, specifically focusing on home decor and gifts. The company's performance is influenced by consumer spending trends and seasonal retail cycles.

Regulatory Implications

As a publicly traded company, Kirkland's, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and debt levels.
2. Review the risk factors section for potential business challenges.
3. Examine executive compensation details for insights into management incentives.

Key Dates

• 2024-02-03: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-29: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the 10-K for the fiscal year ending February 3, 2024, providing updated financial and operational information compared to the previous year's filings.

Key Financial Figures

• $250 — interest" financing for purchases over $250 and $500, respectively. Omni-Channel
• $500 — " financing for purchases over $250 and $500, respectively. Omni-Channel Our str

Filing Documents

• kirk-20240203.htm (10-K) — 1911KB
• kirk-ex21_1.htm (EX-21.1) — 7KB
• kirk-ex23_1.htm (EX-23.1) — 4KB
• kirk-ex31_1.htm (EX-31.1) — 10KB
• kirk-ex31_2.htm (EX-31.2) — 10KB
• kirk-ex32_1.htm (EX-32.1) — 6KB
• kirk-ex32_2.htm (EX-32.2) — 6KB
• kirk-ex97_1.htm (EX-97.1) — 34KB
• 0000950170-24-038513.txt (&nbsp;) — 7834KB
• kirk-20240203.xsd (EX-101.SCH) — 1165KB
• kirk-20240203_htm.xml (XML) — 1249KB

Forward-Looking Statements

Forward-Looking Statements 3 PART I Item 1.

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 26 Item 4. Mine Safety Disclosures 26 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6. Reserved 27 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 36 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 37 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 59 Item 9A.

Controls and Procedures

Controls and Procedures 59 Item 9B. Other Information 59 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 59 PART III Item 10. Directors, Executive Officers and Corporate Governance 59 Item 11.

Executive Compensation

Executive Compensation 60 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 60 Item 13. Certain Relationships and Related Transactions, and Director Independence 60 Item 14. Principal Accounting Fees and Services 60 PART IV Item 15. Exhibits and Financial Statement Schedules 61 Item 16. Form 10-K Summary 62

Signatures

Signatures 63 2 FORWARD-LOOKIN G STATEMENTS This Annual Report on Form 10-K for the fiscal year ended February 3, 2024 ("Form 10-K") contains forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These statements may be found throughout this Form 10-K, particularly under the headings "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," among others. Forward-looking statements typically are identified by the use of terms such as "anticipate," "believe," "expect," "estimate," "intend," "plan," "seek," "may," "could," "strategy," and similar words, although some forward-looking statements are expressed differently. You should consider statements that contain these words carefully because they describe our expectations, plans, strategies and goals and our beliefs concerning future business conditions, our results of operations, financial position and our business outlook or state other "forward-looking" information based on currently available information. The factors listed in "Item 1A. Risk Factors" and in the other sections of this Form 10-K provide examples of risks, uncertainties and events that could cause our actual results to differ materially from the expectations expressed in our forward-looking statements. The forward-looking statements made in this Form 10-K relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. The terms "Kirkland's," "Kirkland's Home," the "Company," "we," "us," and "our" as used in this Form 10-K refer to Kirkland's, Inc. 3 PART I

B usiness

Item 1. B usiness General We are a specialty retailer of home dcor and furnishings in the United States. As of February 3, 2024, we operated a total of 330 stores in 35 states as well as an e-commerce website, www.kirklands.com, under the Kirkland's Home brand. We were founded in 1966, and our current parent corporation, Kirkland's, Inc., was incorporated in 1981. We provide our customers with an engaging shopping experience characterized by a curated, affordable selection of home dcor and furnishings along with inspirational design ideas. This combination of quality and stylish merchandise, value pricing and a stimulating in-store and online environment provides our customers with a unique brand experience. Business Strategy Our mission is to make Kirkland's the destination for seasonally relevant home dcor, furnishings and gifts. We strive to offer on-trend, curated product assortments at a great value. We are rebalancing our value proposition by moderating the growth in high ticket categories and maximizing our position in value home accents, seasonal dcor and gifts at amazing price points to appeal to our core value customer. We are focused on re-engaging our customer base and extending the reach of our brand to new customers. We believe the following four components of our business strategy are key to positioning our brand and our future growth and success. Customer. We are committed to keeping the voice of the customer at the center of our brand; and we are resetting our brand voice and marketing tactics to acquire, reactivate and retain her. Merchandise. We are committed to being product obsessed, delivering a unique omni-channel product strategy of curated, on-trend and seasonally relevant home dcor at a great price. We will be known for "always something new" to drive demand in each quarter throughout the year. Omni-channel experience. We will deliver a channel strategy that meets our customers whenever and wherever they want to shop while dri

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View this 10-K filing on SEC EDGAR