Kohl’s reports decline in sales and profits in the third quarter

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).

ttn-12