Kohl’s Sales Fall 13% As Shoppers Shift Spending Away From Apparel
Nov 17, 2020
Kohl’s on Tuesday reported a 13.3% decline in quarterly net sales, as the coronavirus pandemic limited the number of people visiting its stores to buy work clothes, shoes and makeup. Still, CEO Michelle Gass said the results exceeded Kohl’s internal expectations, thanks to robust digital sales growth and a burgeoning active apparel business. Kohl’s is entering the holidays “well-positioned” to rival its peers and take advantage of the market share up for grabs in the wake of numerous retail bankruptcies and store closures this year, Gass said. The retailer significantly cut its inventories during the latest quarter, putting it in a position where it will be less reliant on discounts during the holiday season. Read more at CNBC.
