US retailer Kohl's Q1 FY21 revenue jumps 60% to $3.8 bn

21 May '21

2 min read

Pic: Shutterstock

Kohl's Corporation, a US-based leading omnichannel retailer, has posted 60.1 per cent revenue growth to $3.8 billion in its first quarter (Q1) FY21 ended on May 1, 2021, compared to the revenue of $2.4 billion in the corresponding period of previous fiscal. The company’s net income for the quarter was $14 million (Q1 FY20: net loss $541 million).

“We are very pleased with our strong start to 2021 with both sales and earnings materially exceeding expectations. Along with a favourable consumer spending backdrop, we continue to see our key strategic initiatives gain traction and resonate with customers. We saw momentum build through the quarter, especially in our stores where we continue to elevate the experience,” Michelle Gass, Kohl's chief executive officer, said in a press release.

Cost of merchandise sold during Q1 FY21 rose to $2.2 billion ($1.8 billion), while selling, general, and administrative expenses were $1.1 billion ($1.0 billion). The company’s operating income for the reported period rose to $273 million (operating loss: $718 million).

“We are eagerly preparing for the upcoming launch of our Sephora partnership as well as the introduction of several new exciting brands this fall,” Gass added. “We are positioned to capitalise on growth opportunities during the balance of 2021 and remain firmly on track to achieving our 2023 strategic goals. Based on our first quarter results, we are raising our full year 2021 guidance.”

Fibre2Fashion News Desk (JL)

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