Kohl's Corporation Reports Financial Results.
Highlights:
Significantly increased financial flexibility during quarter, ending with
Swift and aggressive actions taken in response to COVID-19 resulted in positive operating cash flow
First quarter net sales decrease (43.5%)
First quarter diluted loss per share of (
'We entered the year in a strong financial position and our business was tracking to our expectations prior to the onset of the crisis. We immediately responded with actions to protect the health and safety of our associates and customers and to preserve our financial position. I am incredibly proud of how our associates stepped up to face this unprecedented challenge with speed and agility. Our actions to manage cash outflow and increase liquidity have been instrumental in enhancing our position to navigate this crisis, and we believe our history of prudent capital management will continue to serve us well,' said
'We have begun the rebuilding process, recently reopening about 50% of our stores across the country. In doing so, we have taken special care to equip our stores with the latest health and safety measures as we welcome back our associates and customers,' said Gass. 'As we look ahead, we know this experience will have a lasting impact to customer behavior and the retail landscape, and we are evolving our strategies to ensure our relevance and to capture market share.'
Actions Taken In Response to COVID-19
As part of the COVID-19 response, the Company has taken the following actions to preserve financial liquidity and financial flexibility:
Managed inventory receipts meaningfully lower,
Significantly reduced expenses across the business inclusive of marketing, technology, operations and payroll,
Decreased planned capital expenditures by approximately
Suspended share repurchase program,
Suspended regular quarterly cash dividend beginning in the second quarter of 2020,
Replaced and upsized revolver to
Issued
First Quarter 2020 Earnings Conference Call
Kohl's will host its quarterly earnings conference call at
Cautionary Statement Regarding Forward-Looking Information and Non-GAAP Measures
This current report on Form 8-K contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends forward-looking terminology such as 'believes,' 'expects,' 'may,' 'will,' 'should,' 'anticipates,' 'plans,' or similar expressions to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause the Company's actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks described more fully in Item 1A in the Company's Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in the Company's filings with the
In this press release, the Company provides information regarding adjusted net (loss) income and adjusted diluted (loss) earnings per share, which are not recognized terms under
See full release at: https://corporate.kohls.com/news/archive-/2020/may/kohl-s-corporation-reports-financial-results
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