Kohl's Q2 FY20 result: revenue $3.4 bn; net income $47 mn

20 Aug '20

1 min read

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Kohl’s, a US-based omnichannel retailer, reported total revenue decline to $3.4 billion in its second quarter (Q2) fiscal 2020 ended on August 1, 2020 compared to the revenue of $4.4 billion in same period previous year. Company’s net income for the quarter was down to $47 million (Q2 FY19: $241 million). Operating income was $118 million ($376 million).

“Our organisation continues to navigate through a period of extraordinary change and uncertainty presented by the Covid-19 crisis. During the second quarter we made significant progress in rebuilding our business,” Michelle Gass, Kohl’s chief executive officer, said in a press release.

Selling, general and administrative expenses for Q2 FY20 were $1,050 million ($1,269 million).

“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,” Gass said. “As we look ahead, we are planning for the crisis to continue to impact our business in the near-term. We are well-positioned to capitalise on evolving customer behaviours and the retail industry disruption, which we believe will drive long-term growth and increased market share.”

Fibre2Fashion News Desk (JL)

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