Kohl’s (KSS) reports earnings for the first quarter of 2022

Customers leave a Kohl’s store on November 12, 2015 in San Rafael, California.

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Kohl’s said on Thursday that final and fully-funded offers from potential buyers were expected in the coming weeks as the retailer faced pressure from activists to sell.

CEO Michelle Gass said Kohl’s was “happy” with many places.

The company also recorded a huge loss of profits for the first quarter and reduced its outlook for the year. Gass, in a press release, said that 2022 started below its expectations.

“Sales weakened significantly in April as we experienced macroeconomic upheavals associated with last year ‘s declining incentives and an inflationary consumer environment,” Gass said in a press release.

Kohl’s now expects adjusted earnings per share for fiscal 2022 from $ 6.45 to $ 6.85, compared to its previous forecast of $ 7.00 to $ 7.50.

Net sales are projected to be stable up to 1% compared to last year’s levels, compared to previous guidelines of up to 2% to 3%.

See how Kohl’s did in the quarter ended April 30, compared to what Wall Street expected, according to a survey by Refinitiv analysts:

  • Adjusted earnings per share: 11 cents against the expected 70 cents
  • Revenue: $ 3.72 billion versus $ 3.68 billion expected

Find the full press release from Kohl’s here.

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Kohl’s (KSS) reports earnings for the first quarter of 2022

Source link Kohl’s (KSS) reports earnings for the first quarter of 2022

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