Kohl’s Provides Fourth Quarter 2020 Business Update

*Fourth quarter earnings projected to exceed company expectations, with significant improvement from the third quarter
*Fourth quarter comparable sales decrease of 11%, marking the third consecutive quarter of sequential improvement
*Fourth quarter diluted earnings per share expected to be in the range of $1.00 to $1.05, before considering any impact from tax planning strategies

Kohl’s Corporation (NYSE:KSS) today provided a business update for the fourth quarter ended January 30, 2021.

“We are very pleased with the continued progress we are making against the strategic framework we outlined in October 2020. Our fourth quarter performance exceeded our expectations across all key metrics with sales strengthening as we moved through the period. Digital sales growth remained strong, up more than 20%, and accounted for more than 40% of net sales, with our stores playing a critical role in supporting the heightened demand. Our focus on gross margin showed further traction and we managed expenses tightly, which together strengthened our financial position. I want to thank all of our associates for their exceptional service during the highly unique holiday period,” said Michelle Gass, Kohl’s chief executive officer.

“As we carry this momentum into 2021, we are confident that our key strategic initiatives will accelerate our top line growth and expand our operating margin. Our partnership with Sephora will launch this Fall in 200 stores and online, commencing a multi-year buildout that will drive significant growth for Kohl’s,” said Gass. “We look forward to sharing more on this and our other initiatives, as well as providing more detail on our path to 7% to 8% operating margin, on our upcoming earnings call in March.”

Preliminary Fourth Quarter 2020 Results
Fourth quarter 2020 total revenue declined approximately 10%, including a comparable sales decrease of 11%. Based on this, the Company expects fourth quarter 2020 diluted earnings per share to be in the range of $1.00 to $1.05, before considering any impact from tax planning strategies. These preliminary results reflect a better than expected gross margin rate and strong SG&A expense management. Gross margin continued to benefit from disciplined inventory management and further optimization in promotional strategies. SG&A expense decline was driven primarily by reductions in store, marketing, and technology expenses.
https://investors.kohls.com/news-releases/news-details/2021/Kohls-Provides-Fourth-Quarter-2020-Business-Update/default.aspx

Related Posts

Prima Editor Jo Checkley on meeting increased demand for print magazines (voices.media)

Hearst UK recently announced that women’s lifestyle magazine Prima would increase its print edition from 12 to 13 issues a year, following a 68% surge in subscriptions this year. This week, we talk to Prima’s Editor Jo Checkley about what factors led to the decision to increase the frequency of the magazine, how their content has encouraged a community feel among their readers, and what lessons they’ll be taking from producing magazines in lockdown. Jo also outlines what she’s done to keep her magazines thriving during her career despite tough market conditions for women’s titles. In the news roundup the team discusses Future Plc’s resurgent fortunes and purchase of GoCompare, the UK government’s attempts to create a competition regime to tackle the ‘fundamental imbalance of power’ between platforms and publishers, and Spotify launching a Stories copy. Esther is a meerkat.

REI Co-op to open 10 stores in 2024 to better serve outdoor communities

Specialty outdoor retailer REI Co-op announced expansion plans to open 10 new stores in 2024 to better serve its members and outdoor community. Locations have been finalized for summer 2024 openings in Glendale, Arizona and Rancho Mirage, California. A store in St. George, Utah will open in fall 2025. The co-op will open its doors in formerly occupied retail spaces at Arrowhead Promenade in Glendale, The River in Rancho Mirage, and St. George Place in St. George. Each location will offer a wide assortment of apparel, gear and expertise for camping, cycling, running, fitness, hiking, climbing and more. In addition, a full-service bike shop will be staffed with technicians to tune, repair and enhance the performance of all bikes. The new Utah location will also feature a ski and snowboard shop.

A new mountain biking magazine is born (snewsnet.com)

As soon as Bike hit the brakes, Pocket Outdoor Media CEO Robin Thurston decided he wouldn’t wait around to see if it would resume operations. Instead, he saw a chance to fill that magazine’s void in the marketplace with a new title in POM’s portfolio, so he invited the editorial staff of the now-idle publication to join his company and reimagine what a mountain biking magazine could—and should—be. The result is Beta, a multichannel content platform launched Tuesday, which includes a new quarterly magazine, website, and membership program called Beta Pass (part of Pocket's larger Active Pass platform). Its first print edition is due out in late March, just as the snow begins melting and riders return to dirt singletrack across much of the country.
Back To Top
×Close search
Search