Kohl’s on Wednesday said Q2 net sales fell 4.8% year over year to $3.7 billion, with comps down 5%. Other revenue, mostly the retailer’s store credit card, fell 3.1% to $217 million.
Inventory was down 14% year over year. Gross margin declined by 61 basis points year over year to 39%, driven by increases in product cost and shrink but partially offset by lower expenses in freight and e-commerce-related shipping.
Net income plunged nearly 60% to $58 million, according to a company press release.
Source: Retail Dive
Omni Talk is the retail blog for retailers, written by retailers. Chris Walton and Anne Mezzenga founded Omni Talk in 2017 and have quickly turned it into one of the fastest growing blogs in retail. 