Kohl’s (KSS) Q1 2024 Earnings | Wilnesh News

Kohl’s In early trading on Thursday, the company reported an unexpected loss per share, well below Wall Street expectations for a small profit, and its stock price plummeted more than 20%.

Here’s how Kohl’s does it first fiscal quarter Compared with Wall Street expectations, according to a survey of analysts by London Stock Exchange Group (LSEG):

• Loss per share: 24 cents vs expected profit of 4 cents
• income: US$3.18 billion, expected US$3.34 billion

Kohl’s reported a net loss of $27 million, or 24 cents a share, compared with a profit of $14 million, or 13 cents a share, a year earlier.

Net sales fell 5.3% from the previous year to $3.18 billion, and comparable sales fell 4.4%.

The company also lowered its 2024 guidance. Full-year net sales are now expected to decline 2% to 4%. Wall Street analysts surveyed by London Stock Exchange Group (LSEG) had expected sales guidance for 2024 to rise 0.2%.

Kohl’s expects full-year diluted earnings per share in the range of $1.25 to $1.85, well below expectations of $2.34 per share, according to LSEG.

“We recognize we have more work to do across our business,” Chief Executive Tom Kingsbury said in a release. “Given the poor performance in the first quarter and the continued consumer environment There is uncertainty and we are more conservative about our financial outlook for this year.”

Kingsbury noted positive trends in the women’s category and continued strong growth in the retailer’s store-in-store partnerships with Sephora. Kohl’s announced in March that it would add similar in-store Babies R Us locations to about 200 locations.

“We remain confident in our strategy and believe our key growth initiatives, including Sephora, Home Decor, Gifts, Impulse and our upcoming collaboration with Babies ‘R’ Us, will make even more sense for the future,” he said. contribution.

This story is developing. Please check back for updates.