The US retail group Kohl’s Corporation suffered a slight decline in sales in the 2023/24 financial year. Nevertheless, unlike the previous year, the company was in the black.
According to a statement published on Tuesday, sales in the past financial year, which ended on February 3, amounted to 17.5 billion US dollars (16.0 billion euros). This corresponded to a decrease of 3.4 percent compared to the previous year. On a like-for-like basis, retail sales fell by 4.7 percent.
Despite the revenue decline, operating income increased to $717 million thanks to a higher gross margin as well as lower operating costs and impairment charges. This more than doubled the previous year’s figure of $246 million.
The bottom line was a net profit of $317 million (€290 million), after the retailer had to post a corresponding loss of $19 million in 2022/23.