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Kohl’s sales fall 13% as shoppers shift spending away from apparel

Kohl's sales fall 13% as shoppers shift spending away from apparel


Kohl’s sales fall 13% as shoppers shift spending away from apparel

A shopper prepares to pay for items at a Kohl’s department store in Peru, Illinois, May 16, 2019.Daniel Acker | Bloomberg | Getty ImagesKohl’s on Tuesday reported a 13.3% decline in quarterly net sales, as the coronavirus pandemic limited the number of people visiting its stores to buy clothes, shoes and beauty items.Still, CEO Michelle Gass said the results exceeded Kohl’s internal expectations, thanks to robust digital sales growth.”We entered the holiday season well-positioned,” she said.Its shares were falling less than 1% in premarket trading.Here’s how the retailer did during the third quarter ended Oct. 31 compared with what analysts were expecting, based on Refinitiv data:Earnings per share: 1 cent, adjusted, vs. a loss of 43 cents expectedNet sales: $3.78 billion vs. $3.86 billion expectedFor the quarter ended Oct. 31, the company reported a net loss of $12 million, or 8 cents per share, compared with net income of $123 million, or 78 cents per share, a year ago. Excluding one-time charges, Kohl’s earned a penny a share, better than the 43-cent loss expected by analysts.Kohl’s net sales fell to $3.78 billion from $4.36 billion a year ago. Analysts were calling for $3.86 billion, according to Refinitiv estimates.Total revenue dropped 14% to $3.98 billion from $4.63 billion a year earlier.Same-store sales at Kohl’s, which track sales online and at Kohl’s stores open for at least 12 months, also fell 13.3%. Analysts, on average, were calling for an 11.39% decline.Kohl’s also said it will reinstate its quarterly dividend in the first half of 2021, after pausing it earlier this year due to the pandemic.As of Monday’s market close, Kohl’s shares are down about 49% this year. Kohl’s has a market cap of $4.1 billion.Find the full earnings press release here.This story is developing. Please check back for updates.

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