Kohl’s on Wednesday reported that Q4 net sales fell 7.2% year over year to $5.8 billion, with comparable sales down 6.6%. Net loss narrowed to $273 million from $299 million a year ago.
Gross margin contracted by 1,016 basis points to 23%, mostly due to clearance markdowns. Inventory was down 4% year over year, according to a company press release.
For the full year, net sales fell 7.1% compared to 2021 to $17.2 billion, with comparable sales down 6.6%. Gross margin contracted by 485 basis points to 33.2%. The retailer swung to a $19 million net loss from net income of $938 million the previous year.Retail Dive