Kohl's posts surprising holiday-quarter loss, offers weak sales outlook
Publishing timestamp: 2023-03-01 16:02:17
Summary
Kohl's posted a big, surprising loss and sales decline of about 7% in the holiday quarter, and offered a weak outlook for the year ahead. This comes as the retailer has been under intense pressure from activist investors, and has had a recent leadership shakeup. The company's same-store sales dropped 6.6% in the quarter, and digital sales declined 12%. Kohl's has been struggling to turn its sales around while catering to middle-income consumers who have become more cautious with spending. Its stock is up about 11% this year, outperforming the S&P 500.
Sentiment: NEGATIVE
Tickers: TGT, M, WMT, BURL, LEVI, KSS,
Keywords: business news, levi strauss & co, business, breaking news: earnings, macy's inc, kohl's corp, walmart inc, breaking news: business, burlington stores inc, retail industry, target corp, earnings,
Source: https://www.cnbc.com/2023/03/01/kohls-kss-earnings-q4-2022.html