Kohl’s released their Q2 results, which reflected earnings that beat out analysts’ initial expectations. The combination of strong back-to-school sales and their recent partnership with Amazon has helped to drive numbers.
Compared to Wall Street’s initial estimates, here’s how Kohl’s performed:
- Adjusted earnings per share: $1.55, vs. $1.53 estimated
- Net sales: $4.17 billion, vs. $4.2 billion estimated
- Same store sales: down 2.9%, vs. down 2.5% estimated
Although net sales fell below expectations slightly, Kohl’s Chief Executive Officer Michelle Gass is still proud of the company’s strength during this unprecedented time.
“We are pleased to report that our business strengthened as we progressed through the second quarter. Comparable sales were better than the first quarter and improved during the period, turning positive during the last six weeks of the second quarter with 1% growth,” said Gass.
When Kohl’s stores initially reopened after the shutdown, the brand noticed healthy signs of turnaround. Stores were doing three-quarters of their pre-pandemic sales volume, which was up two-thirds from late May. Kohl’s Q2 results show that the brand has stayed on a mostly positive trend since reopening.
Kohl’s partnership with Amazon to accept returns at their stores has allowed the retailer to generate additional foot traffic during this time. Their efforts to provide return solutions in a brick-and-mortar setting is another example of the clear desire to fix logistical e-commerce issues in retail.
Source: Kohl’s Press Release 8/18/20
Photo Credit: Kohl’s Media Gallery
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About Kohl’s
Kohl’s (NYSE: KSS) is a leading omnichannel retailer with more than 1,100 stores in 49 states. With a commitment to inspiring and empowering families to lead fulfilled lives, Kohl’s offers amazing national and exclusive brands, incredible savings and an easy shopping experience in our stores, online at Kohls.com and on Kohl’s mobile app. Since its founding, Kohl’s has given more than $750 million to support communities nationwide, with a focus on family health and wellness. For a list of store locations or to shop online, visit Kohls.com. For more information about Kohl’s impact in the community or how to join our winning team, visit Corporate.Kohls.com or follow @KohlsNews on Twitter.
