Kohl's sinks 17% on poor results, guidance
For the first quarter, Kohl's posted a net loss of $27 million, or -$0.24 per diluted share, which was significantly below the analysts' consensus of $0.04 per share. Revenue for the quarter also missed expectations, coming in at $3.38 billion against the projected $3.4 billion.
CEO Tom Kingsbury expressed disappointment in the results, which he said did not meet the company's expectations and were not reflective of the strategic direction. Looking ahead, Kohl's provided a conservative outlook for the full year 2024, with expectations of a net sales decrease between 2% and 4%, and comparable sales potentially declining between 1% and 3%.
Kohl's reaffirmed its commitment to returning capital to shareholders through dividends and reducing long-term debt. The Board of Directors declared a quarterly cash dividend of $0.50 per share, payable in June, and the company announced the redemption of $113 million of its high-interest notes due in 2025.
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