US retailer Kohl's FY20 result: revenue $15.9 bn; net loss $163 mn

03 Mar '21

2 min read

Pic: Shutterstock

Kohl's Corporation, a US-based leading omnichannel retailer, has announced its financial results for fiscal 2020 ended on January 31, 2021. Company’s total revenue decreased 20 per cent to $15.9 billion during the year, compared to the revenue of $19.9 billion in the previous fiscal. Kohl's incurred a net loss of $163 million (FY19: net income $691 million).

“After an extraordinary year managing through the pandemic, we ended the year in a very solid financial position, and we enter 2021 with strong momentum. We are pleased with the progress we are making against our strategic initiatives and we are set up to deliver a multi-year improvement in sales and operating margin,” Michelle Gass, Kohl's chief executive officer, said in a press release.

Cost of merchandise sold for FY20 stood at $10.3 billion ($12.1 billion). Selling, general, and administrative expenses were down to $5.0 billion ($5.7 billion), whereas company’s operating loss was of $262 million (operating income: $1.0 billion).

In its outlook for FY21, company stated that the company expects its net sales to increase in the mid-teens percentage range as compared to the prior year. “We are committed to driving shareholder value and based on our strong financial outlook we are resuming our capital allocation strategy in 2021,” Gass said.

Fibre2Fashion News Desk (JL)

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