Kohl's Corporation reports Q1 FY20 revenue of $2.4 billion

21 May '20

1 min read

Pic: Kohl's Corporation

Kohl’s Corporation, a leading omnichannel retailer, has reported 40.6 per cent revenue decline to $2.4 billion in the first quarter (Q1) fiscal 2020 that ended on May 2, 2020 compared to the revenue of $4.0 billion in same period prior year. Company reported a net loss of $541 million during the quarter compared to net income of $62 million in Q1 FY19.

“We entered the year in a strong financial position and our business was tracking to our expectations prior to the onset of the crisis,” Michelle Gass, Kohl’s chief executive officer, said in a press release.

Selling, general and administrative expenses were $1.0 billion (Q1 FY19: $1.2 billion). Operating loss were $718 million compared to operating income of $118 million.

“We have begun the rebuilding process, recently reopening about 50 per cent of our stores across the country. In doing so, we have taken special care to equip our stores with the latest health and safety measures as we welcome back our associates and customers,” Gass said.

As we look ahead, we know this experience will have a lasting impact to customer behaviour and the retail landscape, and we are evolving our strategies to ensure our relevance and to capture market share.”

Fibre2Fashion News Desk (JL)

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