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American retailer Kohl's achieves Q3 sales of $4.6 bn; raises outlook

23 Nov '21
2 min read
Pic: Kohl
Pic: Kohl's Corporation

Kohl's Corp, a US-based leading omnichannel retailer, has reported a 15.6 per cent sales growth to $4.6 billion in the third quarter (Q3) of FY21 ended on October 30, 2021, over the sales of $3.9 billion in the same period of previous fiscal. Achieving strong Q3 results has led the company to raise its full year outlook and it expects sales to grow in mid-twenties percentage (previous expectations: low twenties) compared to FY20.
 
“Our strategic efforts to transform Kohl’s into the leading destination for the active and casual lifestyle continue to build momentum. We delivered another quarter of record earnings with both sales and margins exceeding expectations,” Michelle Gass, Kohl’s chief executive officer, said in a press release.
 
“During the quarter, we drove accelerated growth in Active and successfully launched several new brand partnerships, including the initial rollout of 200 Sephora at Kohl’s stores, which are off to a great start,” Gass continued.
 
The American active and casual lifestyle retailer’s operating income for the three-month period recorded a multifold jump to $387 million (Q3 FY20: $22 million), while net income expanded to $243 million (loss: $12 million).
 
“All of the pieces of our strategy are coming together and we remain incredibly confident in the future of our business. We are raising our full year 2021 guidance and continue to accelerate our share repurchase activity, reinforcing our commitment to driving shareholder value,” Gass concluded in the release.

Fibre2Fashion News Desk (JL)

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