THE WHAT? Kohl’s has reported its outcomes for the second quarter of the present monetary 12 months. The US division retailer noticed gross sales drop 4.8 % year-on-year to US$3.7 billion whereas internet revenue within the 13 weeks to July 29, 2023 stood at US$58 million, significantly beneath the US$143 million reported in the identical interval final 12 months.
THE DETAILS The retailer mentioned that its outcomes had been consistent with expectations and reaffirmed its steerage for fiscal 2023; gross sales are anticipated to lower by 2 % to 4 %.
THE WHY? Tom Kingsbury, Kohl’s chief government officer, mentioned, “Our second quarter earnings had been consistent with our expectations. We maintained sturdy gross sales momentum in Sephora at Kohl’s, decreased stock by 14%, and managed bills tightly. Additional, strong money move technology allowed us to scale back our borrowings within the interval.”
“Lots of our strategic efforts are simply underway, which we anticipate will contribute incrementally within the again half of the 12 months, and much more so in 2024 and past. We’ve got enhanced the shop expertise and lately opened a further 200 Sephora at Kohl’s retailers, and are taking steps to additional optimize our assortment and simplify our worth methods.”
