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Kirkland   s Home Annual Shareholder Le er Fiscal 2023
Dear Fellow Shareholders,
I am incredibly honored to lead this legacy brand that has become a part of so many moments and
celebrations in the homes of our customers for more than 50 years. Fiscal 2023 was a transitional year
for our company, marked by significant strategic changes aimed at returning to our value heritage and
positioning our brand to reignite growth. While macro challenges persisted, we made substantial
progress in key areas that have paved the way for stabilization and a return to long-term profitability.
Putting the Customer First and Revitalizing our Product Assortment
Our overarching priority throughout the year was to realign our value proposition and reestablish a deep
connection with our core customer. Through revitalized merchandising and marketing strategies, we
emphasized faster-turning categories at great value that resonate with today's consumer. This focus and
our re-commitment to our    Always Something New    mindset helped to support our efforts to reactivate
lapsed customers and reignite their passion for our brand.
Strengthening Our Omnichannel Presence
We aim to deliver an omni-channel experience that meets our customer whenever and wherever she
wants to shop. In fiscal 2023, we made nice progress in driving improved traffic and conversion in our
brick-and-mortar stores in the latter part of the year, and plan to build on this momentum in the
channel going forward while evaluating longer-term opportunities for new store growth. In addition, we
have taken steps to enhance our e-commerce experience, including a planned replatforming in fiscal
2025 to provide a modernized, user-friendly experience.
Operational Excellence and Financial Discipline
Throughout the year, we maintained a disciplined approach to operational effectiveness and financial
stewardship. We streamlined our supply chain, reduced inventory levels, and optimized labor efficiency
within our distribution network, resulting in significant gross margin improvement. Additionally, we
implemented strict expense control measures, positioning us to generate positive adjusted EBITDA in
fiscal 2024.
Looking Ahead with Confidence
I want to thank Ann Joyce for her guidance and leadership over the past year as our Interim CEO. I am
honored to follow her and carry forward her commitment to our customers, associates, and
shareholders. As we move forward, our strategic priorities remain focused on delivering curated, ontrend, and seasonally relevant home d  cor at exceptional value and unlocking the true potential of the
Kirkland   s Home brand. I look forward to building a strong relationship with all of you. Thank you for
your support of our brand.
Sincerely,
Amy Sullivan
President & CEO
 • shareholder letter icon 5/10/2024 Letter Continued (Full PDF)
 • stockholder letter icon 5/5/2023 KIRK Stockholder Letter
 • stockholder letter icon More "Home Furnishing Stores" Category Stockholder Letters
 • Benford's Law Stocks icon KIRK Benford's Law Stock Score = 84


KIRK Shareholder/Stockholder Letter Transcript:


Kirkland   s Home Annual Shareholder Le er Fiscal 2023
Dear Fellow Shareholders,
I am incredibly honored to lead this legacy brand that has become a part of so many moments and
celebrations in the homes of our customers for more than 50 years. Fiscal 2023 was a transitional year
for our company, marked by significant strategic changes aimed at returning to our value heritage and
positioning our brand to reignite growth. While macro challenges persisted, we made substantial
progress in key areas that have paved the way for stabilization and a return to long-term profitability.
Putting the Customer First and Revitalizing our Product Assortment
Our overarching priority throughout the year was to realign our value proposition and reestablish a deep
connection with our core customer. Through revitalized merchandising and marketing strategies, we
emphasized faster-turning categories at great value that resonate with today's consumer. This focus and
our re-commitment to our    Always Something New    mindset helped to support our efforts to reactivate
lapsed customers and reignite their passion for our brand.
Strengthening Our Omnichannel Presence
We aim to deliver an omni-channel experience that meets our customer whenever and wherever she
wants to shop. In fiscal 2023, we made nice progress in driving improved traffic and conversion in our
brick-and-mortar stores in the latter part of the year, and plan to build on this momentum in the
channel going forward while evaluating longer-term opportunities for new store growth. In addition, we
have taken steps to enhance our e-commerce experience, including a planned replatforming in fiscal
2025 to provide a modernized, user-friendly experience.
Operational Excellence and Financial Discipline
Throughout the year, we maintained a disciplined approach to operational effectiveness and financial
stewardship. We streamlined our supply chain, reduced inventory levels, and optimized labor efficiency
within our distribution network, resulting in significant gross margin improvement. Additionally, we
implemented strict expense control measures, positioning us to generate positive adjusted EBITDA in
fiscal 2024.
Looking Ahead with Confidence
I want to thank Ann Joyce for her guidance and leadership over the past year as our Interim CEO. I am
honored to follow her and carry forward her commitment to our customers, associates, and
shareholders. As we move forward, our strategic priorities remain focused on delivering curated, ontrend, and seasonally relevant home d  cor at exceptional value and unlocking the true potential of the
Kirkland   s Home brand. I look forward to building a strong relationship with all of you. Thank you for
your support of our brand.
Sincerely,
Amy Sullivan
President & CEO



shareholder letter icon 5/10/2024 Letter Continued (Full PDF)
 

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