Kohl’s shares rose more than 5% Tuesday, after Chief Executive Michelle Gass laid out the retailer’s plans to expand in activewear and personal care in 2021, two hot pockets of growth that have accelerated during the coronavirus pandemic.
Kohl’s reported a 13.3% decline in quarterly net sales during its third quarter, as the pandemic limited the number of people visiting its stores to buy work clothes and dress shoes. But the department store chain sparked hope about its chances for a stronger turnaround in the New Year.
“Some would call this the homebody economy, with people spending more time at home,” Gass said during a call with reporters. “It’s growing in importance. … And we’ve established ourselves as an active destination for the last five years, that we’re going to take to a whole new level.”CNBC