By Exec Edge Editorial Staff
Department-store chain Kohl’s Corp. (NYSE: KSS), which owns brands including Sephora, Eddie Bauer and Columbia, reported a surprising decline in sales but indicated steps were underway to manage inflationary challenges.
Net sales for the fourth quarter decreased 7.2% year-over-year, to $5.8 billion, with comparable sales down 6.6%.
“Kohl’s fourth quarter results reflect meaningful proactive measures we took to better position the business for 2023, as well as sales pressure driven by the ongoing persistent inflationary environment. Kohl’s has a solid foundation and a highly motivated team with a set of priorities to capitalize on what I see as a substantial opportunity to make a difference in the retail landscape,” said Tom Kingsbury, Kohl’s chief executive officer. “Our efforts to drive the business are already underway. We are refining our strategy and re-establishing merchandise disciplines with a customer-centric focus across the organization. I am confident that our efforts will drive improved, and more consistent, sales and earnings performance over the long-term.”
For 2023, the company expects net sales to decline 2% to 4%.