Kohl's Q2 revenues drop 23 percent

For the second quarter, total revenues at Kohl’s Corporation declined by 23.1 percent to 3,407 million dollars. The company said in a statement that gross margin for the quarter was 33.1 percent, while net income dropped 80 percent to 47 million dollars compared to 241 million dollars and diluted earnings per share also declined 80 percent to 30 cents against 1.51 dollars in the previous year. Adjusted net loss for the quarter was 39 million dollars compared to net income of 247 million dollars and adjusted net loss per share was 25 cents compared to income per share of 1.55 dollars last year.

“Our organization continues to navigate through a period of extraordinary change and uncertainty presented by the Covid-19 crisis. 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, adding, ““As we look ahead, we are planning for the crisis to continue to impact our business in the near-term.”

For the first half period, the company’s revenues declined by 31.5 percent to 5,835 million dollars. The company added that gross margin was 26.8 percent, down 1,109 bps, while Kohl’s reported net loss for the period of 494 million dollars compared to net income of 303 million dollars and diluted loss per share of 3.21 dollars against earnings of 1.89 dollars in the previous year. Adjusted net loss for the quarter was 534 million dollars compared to net income of 345 million dollars and adjusted net loss per share was 3.47 dollars compared to income per share of 2.15 dollars last year.

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