Kirkland's Inc. (NASDAQ:KIRK) Q3 2018 Earnings Conference Call Transcript

Nov 29, 2018 • 11:00 am ET

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Kirkland's Inc. (NASDAQ:KIRK) Q3 2018 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good morning and welcome to Kirkland's Third Quarter 2018 Conference call. All participants will be in listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded.

I would now like to turn the conference over to Mr. Jeff Black with SCR partners. Please go ahead.

Executive
Jeff Black

Thank you. Good morning and welcome to Kirkland's conference call to review results for the third quarter of fiscal 2018. On the call this morning are Woody Woodward, CEO; Mike Cairnes, President and COO and Nicole Strain, Interim CFO. The results as well as the notice of the accessibility of this conference call on a listen-only basis over the Internet were announced earlier this morning in a press release that has been covered by the financial media. Except for historical information discussed during this conference call, the statements made by the company management are forward-looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Kirkland's actual results in future periods to differ materially from forecasted results. Those risks and uncertainties are more fully described in Kirkland's filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K filed on April 3, 2018.

I will now turn the call over to Woody.

Executive
Steven Woodward

Thanks, Jeff, and good morning to everyone on the call and thank you for attending. I'm happy to speak with you today as the CEO of Kirkland's. As you may know, I joined the company at the end of the third quarter, after leading Crate and Barrel as President and Chief Merchant. I have a deep understanding of the home decor demographic and strong experience, innovating product and developing brands. While it's too early to speak to specific plans for 2019 and beyond, I do want to open the call with some directional comments that should be useful as you think about Kirkland's.

Since coming on board, I've spent lots of time visiting stores, meeting Kirkland's employees and doing some deep dives with a particular focus on merchandising, product design and branding. One of my first impressions is that Kirkland's has a robust operational focus. I want to commend Mike and the executive team on their progress in creating a lean structure that supporting fast and effective decision making. I'm very supportive of ongoing initiatives to improve efficiency and believe the foundation that's been established will enable us to move quickly to put Kirkland's on a path to sustained earnings growth and that's a goal we all share.

I am also a firm believer in Kirkland's value proposition. We offer quality product for compelling price. I want to be clear at the outset that my strategic focus will be to reinforce Kirkland's as a source for customers looking for home design ideas, while staying in the lane of affordable home decor. Our goal will be to continue