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Kohl’s holiday quarter sales decline by 10 percent

By Prachi Singh

Feb 5, 2021

Business

Kohl’s Corporation has said in a statement that fourth quarter revenue declined approximately 10 percent, including a comparable sales decrease of 11 percent. Based on this, the company expects diluted earnings per share to be in the range of 1 dollar to 1.05 dollars. The company added that these preliminary results reflect a better than expected gross margin rate and strong SG&A expense management.

“We are very pleased with the continued progress we are making against the strategic framework we outlined in October 2020. Our fourth quarter performance exceeded our expectations across all key metrics with sales strengthening as we moved through the period. Digital sales growth remained strong, up more than 20 percent, and accounted for more than 40 percent of net,” said Michelle Gass, Kohl’s chief executive officer.

The company further said that gross margin continued to benefit from disciplined inventory management and further optimization in promotional strategies. SG&A expense decline was driven primarily by reductions in store, marketing, and technology expenses.

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