Kohl’s (NYSE:KSS) earnings for the retail company’s second quarter of 2020 have KSS stock falling hard on Tuesday. That’s despite its adjusted losses per share of 25 cents beating out Wall Street’s estimate of -83 cents. The company’s revenue of $3.41 billion also comes in above analysts’ estimates of $3.09 billion.
Let’s take a deeper dive into the most recent Kohl’s earnings report below.
- Adjusted per-share losses are a negative switch compared to the company’s adjusted earnings per share of $1.55 from the same time last year.
- Revenue for the quarter comes in 23.1% lower than the $4.43 billion reported in the second quarter of 2019.
- Operating income of $118 million is a 68.6% drop year-over-year from $376 million.
- The Kohl’s earnings report also has net income coming in at $47 million.
- That’s an 80% decline compared to the company’s net income of $241 million in the same period of the year prior.
Michelle Gass, CEO of Kohl’s, said the following in the earnings report.
“We reopened all of our stores with new safety and operating procedures, accelerated digital growth, and showed great discipline in managing inventory and expenses meaningfully lower. In doing so, we generated positive operating cash flow and further enhanced our financial position.”
Kohl’s doesn’t offer guidance in its current earnings report. That’s likely due to the novel coronavirus causing problems for the retail industry. Many other companies in the market are withholding outlooks during the pandemic.
KSS stock was down 15.5% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.