Kohl’s Corporation, a US-based leading omnichannel retailer, has posted 14 per cent revenue decline to $3.9 billion in its third quarter (Q3) FY20 that ended on October 31, 2020, compared to the revenue of $4.6 billion in the same period prior year. Company incurred a net loss of $12 million compared to the net income of $123 million in Q3 FY19.
Kohl's Corporation, a US-based leading omnichannel retailer, has posted 14 per cent revenue decline to $3.9 billion in its third quarter (Q3) FY20 that ended on October 31, 2020, compared to the revenue of $4.6 billion in the same period prior year. Company incurred a net loss of $12 million compared to the net income of $123 million in Q3 FY19.#
“Our third quarter results exceeded our expectations with significant sequential sales and profitability improvement. Digital sales growth remained strong and our actions to improve our gross margin showed great progress,” Michelle Gass, Kohl’s chief executive officer, said in a press release.
Kohl's Corporation, a US-based leading omnichannel retailer, has posted 14 per cent revenue decline to $3.9 billion in its third quarter (Q3) FY20 that ended on October 31, 2020, compared to the revenue of $4.6 billion in the same period prior year. Company incurred a net loss of $12 million compared to the net income of $123 million in Q3 FY19.#
Cost of merchandise sold were $2.4 billion (Q3 FY19: $2.7 billion). Selling, general, and administrative expenses were down to $1.3 billion ($1.4 billion). During the reported quarter, operating income slipped to $22 million ($204 million).
Kohl's Corporation, a US-based leading omnichannel retailer, has posted 14 per cent revenue decline to $3.9 billion in its third quarter (Q3) FY20 that ended on October 31, 2020, compared to the revenue of $4.6 billion in the same period prior year. Company incurred a net loss of $12 million compared to the net income of $123 million in Q3 FY19.#
“We entered the holiday season well-positioned and prepared to serve our customers with more omnichannel conveniences in place to deliver the great experience they always expect from Kohl’s. As we look ahead, we are incredibly focused on executing against our new strategic framework, which represents our greatest opportunity to drive long-term sales and profit growth and create shareholder value in the coming years,” Gass said.
Fibre2Fashion News Desk (JL)
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