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MarketScreener Homepage  >  Equities  >  Nyse  >  Kohl's Corporation    KSS

KOHL'S CORPORATION

(KSS)
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Kohl's exits Jennifer Lopez, other women's brands as losses mount

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05/22/2020 | 10:04am EDT
FILE PHOTO:  The sign outside a Kohl's store is seen in Broomfield, Colorado

(This May 19 story corrects paragraph 5 to say excluding items, Kohl's lost $3.22 per share and not $3.20 after company adjusts the number while preparing its quarterly filing. The error also occurred in previous versions of the story)

Kohl's Corp said the coronavirus crisis would have a material impact on results this year as it removed eight brands including Jennifer Lopez, Juicy Couture and Popsugar from its stores and warned demand for women's apparel would remain weak.

Shares in the department store chain, which shut stores across the United States due to lockdowns to halt the pandemic, fell about 8% after it reported a bigger-than-expected first-quarter loss.

The mid-priced chain reported a 24% surge in online sales in the quarter and more than 60% in April and said it had now reopened nearly half its U.S. stores as lockdowns eased.

For the quarter ended May 2, however, net sales fell about 44% to $2.16 billion and the company reported a net loss of $541 million.

Excluding items, it lost $3.22 per share, far worse than forecasts of a $1.80 loss, according to Refinitiv data.

"Our financial performance, like many other retailers, will be materially impacted by COVID-19 in 2020," Chief Executive Officer Michelle Gass told a post-earnings call.

The results follow bankruptcy filings by peers J.Crew, Neiman Marcus and J.C. Penney on the back of huge losses racked up in the two months since U.S. states began issuing stay-at-home orders.

Kohl's had been struggling in women's apparel even before the pandemic as consumers shifted to online shopping and fast-fashion brands.

"Exiting them (the 8 brands) will create focus and clarity on the brands that will continue," Gass said. "We're still highly committed to the women's business. In the short term, we're facing some challenges here."

Kohl's, which has partnered with Jennifer Lopez for about a decade and began selling Juicy Couture in stores in 2014, will also cease selling Dana Buchman, Mudd, Candie's, Rock And Republic and Elle.

(Reporting by Nivedita Balu in Bengaluru; Editing by Arun Koyyur and Patrick Graham)

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Financials (USD)
Sales 2021 15 478 M - -
Net income 2021 -531 M - -
Net Debt 2021 2 620 M - -
P/E ratio 2021 -7,69x
Yield 2021 2,94%
Capitalization 3 701 M 3 701 M -
EV / Sales 2020
EV / Sales 2021 0,41x
Nbr of Employees 122 000
Free-Float 40,9%
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Technical analysis trends KOHL'S CORPORATION
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Mean consensus HOLD
Number of Analysts 21
Average target price 21,39 $
Last Close Price 23,84 $
Spread / Highest target 76,2%
Spread / Average Target -10,3%
Spread / Lowest Target -37,1%
EPS Revisions
Managers
NameTitle
Michelle D. Gass Chief Executive Officer & Director
Frank V. Sica Chairman
Jill Timm Chief Financial Officer & Senior Executive VP
Paul J. Gaffney Chief Technology Officer & Senior Executive VP
Steven A. Burd Independent Director
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