Market Updates
Kohl's Net Income Plunges On Weaker Gross Margins
Scott Peters
18 Aug, 2022
New York City
Kohl's Corporation declined 4.8% to $32.20 after the retailer said second quarter comparable sales decreased 7.7% and net sales fell 8.5% to $4.09 billion.
Net income in the period plunged 63% to $143 million from $382 million a year ago.
Diluted earnings per share declined to $1.11 from $2.48 a year ago.
Merchandise inventories shot up nearly 50% to $4.03 billion from a year ago.
Kohl's revised lower its sales decline to range between 5% and 6% and earnings per share in the range between $2.80 and $3.20 excluding non-recurring items.
On August 18, 2022, Kohl's announced an accelerated share repurchase agreement to repurchase approximately $500 million of the company
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