Kirkland’s Home generated $55 million last year in home textiles. However, the brand is pivoting. After experiencing a tough first quarter this year, the home retailer is prioritizing sales of seasonal goods for entertaining, decorating, and gifting. High-ticket furniture items will be put on the back burner. The beloved retailer had to close three of its stores in the first quarter after experiencing millions of dollars in net losses. Remaining in Kirkland’s portfolio are 342 stores.
The company’s interim CEO Ann Joyce said that Kirkland’s is focusing on retail offerings that will be fresh for customers. “Kirkland’s appeal has always been its ever-changing, seasonally relevant product assortments that provide fashionable, curated looks which our customers rely on to update their homes more affordably,” Joyce, who has been interim CEO since early April, said in a statement.
In the second half of this year, the retailer will show “value decor” that is $20 or less. They will also be prioritizing a marketing calendar and more promotions. Joyce explains, “During the first quarter, we placed renewed emphasis on our overall value proposition and better aligned the brand voice through improved marketing, promotional strategy, and seasonally relevant decor.”
An Optimistic Future
Despite losing money this year, Kirland’s interim CEO remains positive about the company’s future. “We are in the early stages of our journey. At our core, we are a value, specialty home decor retailer. And his means we use promotions and deals as strategic drivers to engage and excite our customers,” Joyce said on a quarterly call with investors.
Joyce believes that the company’s new strategy will help the brand be profitable while serving customers what they want. In the next quarter, Kirkland’s stores will have more discount-heavy offerings. Up to 40% of the in-store items will remain under $20. “We disappointed some of our loyalist customers in recent years by placing too much emphasis on promoting higher-ticket items,” said Joyce.
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by Marissa | January 18, 2023
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