Kohl’s (NYSE:KSS) earnings for first quarter of 2020 have KSS stock falling on Tuesday. That’s due to its adjusted losses per share of $3.20 missing Wall Street’s estimate of a $1.75-loss. Despite this, its revenue of $2.43 billion is still better than analysts’ estimates of $2.16 billion.
Now, let’s take a deeper dive into the most recent Kohl’s earnings report.
- Adjusted-per-share losses come in much worse than its adjusted earnings per share (EPS) of 61 cents in Q1 2019.
- Revenue for the quarter is sitting 40.6% lower than the $4.09 billion reported during the same time last year.
- Operating loss of $718 million is a negative switch year-over-year from an operating income of $118 million.
- The Kohl’s earnings report also includes a net loss of $541 million.
- That’s a massive drop from the company’s net income of $62 million from the same period of the year prior.
Michelle Gass, CEO of Kohl’s, said this about the Q1 earnings report:
“We entered the year in a strong financial position and our business was tracking to our expectations prior to the onset of the crisis. 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.”
Kohl’s doesn’t provide an update to its 2020 outlook. The company withdrew its outlook back in March due to the novel coronavirus. Plenty of other companies have done the same in light of the pandemic.
KSS stock ended the day Tuesday down 7.7%.
As of this writing, William White did not hold a position in any of the aforementioned securities.