- Prachi Singh |
For the quarter ended May 2, 2020, Kohl’s Corporation reported 40.6 percent drop in total revenues to 2,428 million dollars, while net sales declined by 43.5 percent. The company said in a statement that diluted loss per share was 3.50 dollars compared to diluted earnings per share of 38cents, while adjusted diluted loss per share reached 3.20 dollars compared to adjusted diluted earnings per share of 61 cents.
“We entered the year in a strong financial position and our business was tracking to our expectations prior to the onset of the crisis. Our actions to manage cash outflow and increase liquidity have been instrumental in enhancing our position to navigate this crisis,” said Michelle Gass, Kohl’s Chief Executive Officer, adding, “We have begun the rebuilding process, recently reopening about 50 percent of our stores across the country.”
As part of the COVID-19 response, the company has taken several actions to preserve financial liquidity and financial flexibility including managed inventory receipts meaningfully lower, significantly reduced expenses across the business inclusive of marketing, technology, operations and payroll, decreased planned capital expenditures by approximately 500 million dollars, suspended share repurchase program, suspended regular quarterly cash dividend beginning in the second quarter of 2020, replaced and upsized revolver to 1.5 billion dollars secured facility, and issued 600 million dollars notes due 2025.
Picture:Kohl's media gallery