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THE WHAT? Kohl’s has reported its outcomes for the second quarter of the present monetary yr. 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 yr.
THE DETAILS The retailer stated that its outcomes had been according to 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, stated, “Our second quarter earnings had been according to our expectations. We maintained sturdy gross sales momentum in Sephora at Kohl’s, diminished stock by 14%, and managed bills tightly. Additional, strong money circulation technology allowed us to cut 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 yr, and much more so in 2024 and past. We’ve enhanced the shop expertise and not too long ago opened an extra 200 Sephora at Kohl’s outlets, and are taking steps to additional optimize our assortment and simplify our price methods.”
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