Kirkland'S (KIRK) swung to a net loss for the quarter ended Apr. 29, 2017. The company has made a net loss of $1.44 million, or $ 0.09 a share in the quarter, against a net profit of $0.92 million, or $0.06 a share in the last year period.

Revenue during the quarter went up marginally by 2.26 percent to $132.84 million from $129.91 million in the previous year period. Gross margin for the quarter contracted 228 basis points over the previous year period to 35.85 percent. Operating margin for the quarter stood at negative 1.71 percent as compared to a positive 1.17 percent for the previous year period.

Operating loss for the quarter was $2.28 million, compared with an operating income of $1.52 million in the previous year period.

"Although we had a slow start to February, we experienced improvement in sales trends as we progressed through the quarter," said Mike Madden, chief executive officer. "Highlights for the quarter included stabilization in several key product categories and definitive progress on our path to improve our merchandise assortment. Operating expenses and inventory levels remained well-controlled, and I am very pleased with the first quarter’s e-commerce results, which achieved a 32% increase in revenue and reflected improvements in our operating efficiency."

For fiscal year 2017, the company expects diluted earnings per share to be in the range of $0.50 to $0.65.   

The company has spent $5.59 million cash to meet investing activities during the quarter as against cash outgo of $8.68 million in the last year period.

Cash flow from financing activities was $0.10 million for the quarter as against cash outgo of $0.13 million in the last year period.

Cash and cash equivalents stood at stood at $59.80 million as at Apr. 29, 2017.