Kohl's Q1 report is well below expectations

Kohl's Q1 report is well below expectations

Kohl’s lost 43% in just three months.

The American department store chain, Kohl's, released its financial report for the first quarter of 2020.

Unlike its peer, Walmart, Kohl’s sales dropped 43.5% during Q1, as the stores closed due to pandemic. It reported an adjusted loss per share of $3.20, and $2.16 billion revenue, marking a significant drop from $3.82 billion the same time last year.

The company didn't disclose the same-store sales quarterly results because the physical locations had to shut down. According to FactSet, the decline is around 31%.

Kohl’s announced today that more than half of the 1,160 U.S. stores re-opened.

This year, the stocks lost 63%. In the pre-market, the stock price initially fell 3% but managed to rebound 1%. USA500 fell by 9%.

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Sources: cnbc.com, marketwatch.com


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