Kohl's blamed its rough quarter on a squeezed middle class, but one analyst says it's because stores are a mess
The department store reported a 6.6% drop in sales and $302 million in losses during the quarter ended January 28. Executives blamed the diminished sales on inflation continuing to squeeze middle-class consumers, but inflation isn't the only culprit, according to GlobalData analyst Neil Saunders.
Kohl's Chief Executive Tom Kingsbury, who served as interim CEO before being elevated to the position permanently in early February, acknowledged during a call with investors Wednesday that the company needs to make changes to its stores, which represent nearly 70% of Kohl's annual sales. Kingsbury said that Kohl's store portfolio remains healthy. The company plans to embark on store refreshes and plans to open seven new stores in 2023, he said.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Kohl's shares sink after big holiday-quarter lossesKohl's sales for the holiday quarter came in well below Wall Street's expectations.
Weiterlesen »
Kohl’s stock falls sharply as it posts loss and warns of profit shortfallKohl’s Corp. stock is down 12% in premarket trading after the retailer posted a loss and also said it would fall short of analyst estimates for 2023 profit....
Weiterlesen »
Stocks making the biggest moves premarket: Rivian, Kohl's, Novavax and moreKohl's stock price dropped more than 8% in premarket trading after the retailer reported a surprise loss for the fourth quarter.
Weiterlesen »
Kohl's CEO pitches retailer's turnaround efforts after surprise lossKohl's Corp new chief executive said on Wednesday it would 'take some time' to turn around the business and reduce reliance on margins-sapping discounts after the retailer swung to a surprise quarterly loss and forecast downbeat profit.
Weiterlesen »
Kohl’s cutting back on discounts after posting surprise Q4 lossKohl’s is grappling with customers cutting back on discretionary items amid stubbornly high inflation.
Weiterlesen »
New CEO Says Kohl’s Doesn’t Need ‘Total Overhaul.’ Investors May DisagreeKohl's CEO Tom Kingsbury says Kohl's has a solid foundation, But the latest earnings results show he has a lot of work to do.
Weiterlesen »