Kohl's sales drop in Q3

For its third quarter, Kohl’s Corporation reported total revenue of 3,979 million dollars, down 14 percent compared to the same quarter last year, while revenues for the nine months declined 25.3 percent to 9,814 million dollars. The company said in a statement that third quarter comparable sales decreased 13.3 percent. Net loss for the quarter and nine month period was 12 million dollars and 506 million dollars respectively. Third quarter loss per share of was 8 cents; while adjusted diluted earnings per share were 1 cent compared to 78 cents and 74 cents respectively.

“I continue to be very proud of how our organization is navigating through the Covid-19 pandemic. Our third quarter results exceeded our expectations with significant sequential sales and profitability improvement. Digital sales growth remained strong and our actions to improve our gross margin showed great progress. We also further strengthened our financial position and fully repaid our revolver during the period, which underscores the solid cash flow generation of our business,” said Michelle Gass, Kohl’s Chief Executive Officer.

“We entered the holiday season well-positioned and prepared to serve our customers with more omnichannel conveniences in place to deliver the great experience they always expect from Kohl’s. In addition, through disciplined capital management we plan to reinstate a dividend during the first half of 2021,” added Gass.

Picture:Kohl's media gallery

 

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