Kohl's Partnerships Have Yet to Give it a Lift
It's easy to gloss over Kohl's (NYSE: KSS) fiscal first-quarter (ended May 2) results due to COVID-19, which forced the company, like many other retailers, to close its stores in mid-March. Predictably, this hurt the company's revenue, which fell from last year's $4.1 billion to $2.4 billion. It swung to a $652 million adjusted operating loss from an adjusted operating income of $118 million.
Certainly, if Kohl's had been heading into the pandemic from a position of strength, that would assuage my concerns. But last year, its same-store sales (comps) dropped 1.5% and its adjusted operating income fell by 17% to $1.2 billion.
While management is trying out moves to bolster traffic to Kohl's stores, the effects are not yet apparent in the company's sales and profitability.
Source Fool.com
