Kohl’s CEO Michelle Gass said the retailer got a boost at the end of the holiday quarter thanks, in part, to the influx of shoppers coming to its stores to make Amazon returns.
The department store chain on Thursday said it anticipates fiscal fourth-quarter revenue to be down about 10% year over year, and same-store sales to drop 11%, but sales have been gaining momentum in recent weeks.Analysts had been calling for a revenue decline of 8.9%, according to a poll compiled by Refinitiv.
“You could assume that returns, which typically are higher in January, played a role in driving traffic toward the end of the quarter,” Gass said in a phone interview. Kohl’s accepts Amazon returns at its more than 1,100 locations, the majority of which are located off-mall.
Source: CNBC
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