Times are tough for department store retail chains such as Kohl’s (NYSE: KSS). They seem to be dinosaurs of our time. Especially during the coronavirus lockdowns. People are moving online in search for goods to buy and big stores are losing ground under their feet.
Today Kohl’s reported its financial results for the quarter ended May 2, 2020.
“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, and we believe our history of prudent capital management will continue to serve us well,” said Michelle Gass, Kohl’s CEO.
Company did not report comparable store sales due to COVID-19 closures. But Kohl’s (NYSE:KSS) reported that net sales declined 43.5% in Q1 (ended May 2).
Kohl’s first quarter diluted loss per share is $3.50 while adjusted diluted loss per share is $3.20.
Commenting on current situation Mr.Gass, CEO of Kohl’s , said: “As we look ahead, we know this experience will have a lasting impact to customer behavior and the retail landscape, and we are evolving our strategies to ensure our relevance and to capture market share.”