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The company on Tuesday said sales at stores open at least a year grew an anemic 0.4% during its most recent quarter. Kohl’s profit fell 24% during the quarter compared with a year ago, and the retailer slashed its outlook heading into the holiday shopping stretch. It was the second time Kohl’s cut its forecast this year.
CEO Michelle Gass tried to put her best spin on the results. “We enter the holiday period with momentum,” she said in a prepared statement.
The results signal that Kohl’s makeover strategies are falling short.
Gass, the Kohl’s CEO, has taken a proactive approach to remaking the retailer’s more than 1,150 stores for the online shopping era. Kohl’s is considered by many analysts to be in a better position than Macy’s, JCPenney and other mall brands because the majority of Kohl’s stores are away from malls.
Kohl’s has partnered with Amazon to offer free returns for customers at stores. Gass earlier this year said the rollout of Amazon to all of its stores was the company’s “single biggest initiative” of the year.
But to survive, Kohl’s may need to go bigger.
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