Kohl’s Q2 profits plunge 60%
Kohl's Q2 net sales decline 4.8% due to lower consumer spending, with the retailer focusing on delivering value to stay competitive, but facing challenges with its pricing strategy and market share.
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Posted 8/23/2023, 4:40:02 PM
retaildive.com
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Kohl's Q2 earnings beat expectations with adjusted earnings per share of $0.52, down 53% from a year ago, but its Sephora business is thriving and bringing in new customers, although same-store sales decreased 5%.
A number of retailers are attributing their lackluster profits to shrink, but the extent of the problem varies widely among companies and may not be as dire as some have suggested, with losses generally in line with the retail industry standard of 1% to 1.5% of sales, according to a CNBC analysis.
Grocery giant Kroger expects sales to decline in the second half of 2023 due to high prices, debt, and interest rates, adding further pressure on consumers.