Kohl'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.
The Kohl’s label is seen on a shopping basket in a Kohl’s department store in the Brooklyn borough of New York, U.S., January 25, 2022. REUTERS/Brendan McDermidForecasts 2023 EPS $2.10-$2.70 vs estimates of $3.20March 1 - Kohl'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. Retailers have turned to steeper discounts and promotions to clear excess stocks of casual apparel after customers singed by surging costs of rent and food over the last year cut back on spending on non-essential products.
Steep discounts fueled a more than 10 percentage point decline in fourth-quarter gross margins to 23% at Kohl's and a surprise holiday quarter loss. Chief Executive Officer Tom Kingsbury said Kohl's had rolled out measures such as shifting its product assortment to focus on in-demand categories including work wear to drive more consistent sales and earnings.Latest Updates
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