US department store Kohl's misses sales estimates for May-July

Earnings
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Kohl's, the US department store chain, reported second-quarter (May-July) results with same-store sales down 0.9% year over year, and total sales of $3.32 billion, below the average analyst estimate of $3.35 billion compiled by LSEG. Despite implementing business revitalization measures, weak sales of women's apparel and skincare products offset the impact. Kohl's has been losing market share to e-commerce giant Amazon.com and discount retailers, leading to shrinking profits. In November last year, the company appointed Michael Bender as permanent CEO to turn the business around. During a post-earnings conference call, Bender noted that home goods and children's apparel saw growth, but acknowledged that "there is still work to be done" to attract consumers struggling to make ends meet, explaining that consumers are "constantly squeezed by inflation in living costs such as gasoline and food." Neil Saunders, managing director at GlobalData, pointed out that Kohl's same-store sales have declined for 18 consecutive quarters, with market share shrinking across major categories. However, Kohl's raised its fiscal 2026 (February 2026-January 2027) adjusted earnings per share outlook to $1.80-$2.40, up from the previous $1.00-$1.60, citing a $150 million tariff refund in the second quarter. The company also announced it would resume share buybacks of about $100 million within the year. For the full year, it expects net sales to be flat to down 1.5%, compared with its previous forecast of flat to down 2%.

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