The US retail group Kohl’s Corporation continues its downward trend. The company also suffered losses in sales and earnings in the third quarter of the 2023/24 financial year.
But CEO Tom Kingsbury stressed that the retailer has made progress in implementing its ongoing reforms. However, the strategy is still “in an early phase,” he explained in a statement published on Tuesday.
In the three months prior to October 28, the company generated sales of $4.05 billion (€3.72 billion). This corresponded to a decline of 5.2 percent compared to the same quarter of the previous year. On a like-for-like basis, retail sales fell by 5.5 percent.
The group was able to increase its gross margin, but at the same time had to record higher sales overhead costs. As a result, operating income fell 21.5 percent to $157 million. Net profit shrank by 39.2 percent to 59 million US dollars (54 million euros).