Kohl’s Corporation (NYSE:KSS) today reported results for the quarter ended August 1, 2020.
- Strengthened financial position during the quarter, ending with $2.4 billion in cash
- Disciplined management of expenses and inventory resulted in positive operating cash flow
- Second quarter net sales decrease (22.9%)
- Second quarter diluted earnings per share of $0.30; adjusted loss per share( of ($0.25)
Here’s how the retailer did during its fiscal second quarter compared with what analysts were expecting:
- Adjusted EPS: a loss of 25 cents vs. a loss of 83 cents, expected
- Revenue: $3.21 billion vs. $3.09 billion, expected
Kohl’s net income fell 80% to $47 million, or 30 cents per share, from $241 million, or $1.51 a share, a year earlier.
Excluding one-time charges, the retailer lost 25 cents a share, which was better than the loss of 83 cents loss forecast by analysts.
Net sales fell to $3.21 billion from $4.17 billion. That was better than the $3.09 billion expected by analysts.
“Our organization continues to navigate through a period of extraordinary change and uncertainty presented by the COVID-19 crisis. During the second quarter we made significant progress in rebuilding our business. We reopened all of our stores with new safety and operating procedures, accelerated digital growth, and showed great discipline in managing inventory and expenses meaningfully lower. In doing so, we generated positive operating cash flow and further enhanced our financial position,” said Michelle Gass, Kohl’s chief executive officer.
“As we look ahead, we are planning for the crisis to continue to impact our business in the near-term,” said Gass. “We are well-positioned to capitalize on evolving customer behaviors and the retail industry disruption, which we believe will drive long-term growth and increased market share.”
