Kohl’s on Wednesday said Q1 net sales fell 3.3% year over year to $3.4 billion, with comps down 4.3%. Inventory declined 6% from a year ago.
Gross margin expanded by 67 basis points to 39%, and net income remained flat at $14 million, according to a filing with the Securities and Exchange Commission.
The department store opened two stores in the period — one of which was a relocation — and plans another five this year. CEO Tom Kingsbury told analysts Wednesday that all stores are profitable and the company has no closure plans.Retail Dive