Kohl’s also updated its full-year 2022 financial outlook. The company now expects net sales to decline in the range of 5-6% from a year earlier. Operating margin is now expected to be between 4.2 and 4.5 percent and earnings per share are expected to be between $2.80 and $3.20, excluding one-time charges, the company said in a statement. hurry.
“Second quarter results were impacted by a weak macroeconomic environment, high inflation and lower consumer spending, which put particular pressure on our middle-income customers. We have adjusted our plans, implementing actions to reduce inventory and reduce expenses to accommodate the weaker demand outlook. Kohl’s has gone through difficult times in the past and I am confident in our ability to successfully manage the current uncertainty. I would like to thank our incredible associates across the country for their commitment to Kohl’s and for providing excellent service to our customers every day. We continue to execute on our transformation strategy and are delighted to deliver outstanding performance in the more than 600 stores that have been refreshed and enhanced, with Sephora as the cornerstone,” said Michelle Gass, CEO of Kohl.
U.S. department store chain Kohl’s reported a 7.7% decline in comparable sales and 8.5% decline in net sales in the second quarter (Q2) of fiscal 2022 (fiscal 22) ended July 30, 2022 The company’s total revenue for the quarter was $4,087 million, up 8.1% from $4,447 in the same quarter last year.
“While 2022 has proven more challenging than initially anticipated, Kohl’s remains a financially strong company with significant long-term growth potential. Our accelerated $500 million share buyback underscores our unwavering confidence in the future of Kohl and our focus on creating shareholder value. We also remain strongly committed to our current dividend,” Gass said.
Fibre2Fashion (KD) News Desk