Wisconsin retail chain Kohl's reopens half of its stores, reports online sales surge

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Wisconsin retail chain Kohl's reopens half of its stores, reports online sales surge

On Tuesday, the 19th of May 2020, Kohl’s Corp., the Wisconsin-based American retailer and departmental store chain operator with holdings at 1,158 locations across the United States, had missed an analysts’ estimate for both profits and revenues due to the pandemic-driven forced store closure over the quarter that ended on May 2nd, while the US retailer’s net sales were nudged lower by 44 per cent to $2.16 billion, nonetheless, the United States’ largest departmental store chain operator had reported a surge at its online sales which in effect had eased some of its losses stemmed off the forced closure.

Apart from that, the US hypermarket chain operator had also added on its Tuesday’s (May 19th) report that the company had reopened roughly half of its stores across the United States as the lockdown eases in a number of US states, nonetheless, a net loss of $541 million or $3.50 per share during this quarter amid a 24 per cent surge in online sales had triggered a broad-based sell-off of Kohl’s Corp.

shares, which had already lowered 63 per cent this year. During preparation of this report, on afternoon US trading hours, NYSE-listed shares’ prices of Kohl’s Corp. was trading 6.85 per cent lower to $17.54 after falling as much as 9 per cent in pre-market trading.

Meanwhile, referring to a raft of overhaul processes including an earlier withdrawal of full-year forecast and a share repurchase program to battle past the pandemic-led downturn, Kohl’s Corp. Chief Executive, Michelle Gass said following Tuesday’s (May 19th) quarterly earnings’ report, “We have begun the rebuilding process, recently reopening about 50% of our stores across the country.