Economy

Kohl's, J.C. Penney drop after posting declines in holiday sales

Kohl's, J.C. Penney drop after posting declines in holiday sales”

Kohl's Corp.'s stock is in the red in Thursday premarket trading after the retailer reported dismal holiday revenues. However, the gap between winners and losers is widening.

The retailer reported that its comparable sales for the holiday period (fiscal November and December) decreased 0.2% amid weakness in women's apparel. Stores like T.J. Maxx, which offer deep discounts on coveted brands, also have been resonating with shoppers.

The retailer said that its adjusted same-store sales - which exclude the impact of its exit from major appliance and furniture categories - were down just 5.3%. Soltau has redirected the company to women's clothing and home furnishings, such as towels and sheets, which have higher profit margins.

However, much remains to be done to bring buyers back. "This is a make or break year for the company and, sadly, these latest numbers suggest things will be more break than make".

More news: Here’s Where We’re at With Impeachment Right Now

Kohl's recorded a 0.2% drop despite a number of new initiatives launched by CEO Michelle Gass. Kohl's had also announced that they would be partnering up with Amazon, allowing customers nationwide to buy and return products such as Echo dot speakers at its stores. The company said it saw an increase in customer traffic as a result of this decision. Activity was slowed by Victoria's Secret, which suffered a 12% drop in same-store sales.

The company, which also owns Pink and Bath & Body Works, said it now expects fourth-quarter earnings of $1.85 a share.

It also followed a tough third quarter report Wednesday from Bed Bath & Beyond Inc (NASDAQ: BBBY), which blamed the calendar shift of Thanksgiving and the resulting shorter holiday season for an 8.3% drop in comps that continued to drop its stock on Thursday, with shares down 17.48% to $13.72.

L Brands said comparable sales, which include sales from company-owned stores in North America open at least a year and digital sales, fell 3% for the nine weeks ended January 4.



Like this

loading...
loading...

Latest


11 January 2020
Taiwan votes in election closely watched by China
Han or trailing third candidate James Soong of the People First Party, a victory by Ms. Still, some analysts downplay the significance of the dwindling of such formal ties.

11 January 2020
Alex Garland's Tech Horror Series Devs Drops an Eerie First Trailer
The series will examine the '70s culture wars and how the fight over the ERA changed the American political and social landscape. There hasn't been much marketing for Developers So far, out of his panel at the New York Comic-Con last fall.

11 January 2020
Ghosn vows to cooperate with Lebanese authorities after travel ban
The decision by Judge Ghassan Ouiedat also requires Ghosn to keep authorities informed of his place of residence. Nissan's former chairman Carlos Ghosn has vowed to cooperate with Lebanese officials.

11 January 2020
Celebrities react to Meghan Markle, Prince Harry 'stepping back' from royal duties
But their relationship with the media turned sour as they struggled to deal with the intense scrutiny it brought. Meghan Markle and Prince Harry are stepping down as senior roles.

11 January 2020
Inter Ready To Move For Olivier Giroud If Matteo Politano Sold
Chelsea on the other hand have also been linked with some players this January 2020 after their transfer ban was lifted. Quizzed on the links to Dembele, Lampard said: "He is a player I know and the club know".

11 January 2020
Harry Dunn case: US State Department says extradition bid highly inappropriate
The 42-year-old left the United Kingdom and returned to her native U.S. , claiming diplomatic immunity. On December 20 the Crown Prosecution Service charged Sacoolas with causing death by risky driving.

11 January 2020
The Joker actor Joaquin Phoenix arrested at climate change protest
Sheen, who called Fonda one of his heroes, passionately recited Rabindranath Tagore's poem "Where the Mind Is Without Fear". Her " Grace and Frankie " co-star Lily Tomlin was arrested on the steps of Capitol Hill Dec. 27, 2019.

11 January 2020
Study suggests drinking green tea is linked to living longer
They found that habitual tea drinkers had a life expectancy 1.2 years longer and had 1.4 years longer of being heart-disease free. To analyze the potential influence of changes in tea drinking behavior, the team studied more than 14,000 participants.

11 January 2020
Different Tesla Model Y designs raise questions
Yet there is even more big news, especially with regard to the Model Y and whether it is suitable for you and your family or job. Volkswagen AG's Audi said in November that it plans to introduce nine new-energy vehicles in China during the next two years.

11 January 2020
Nigeria’s economy to grow by 2.1 percent in 2020
Growth in Sub-Saharan Africa is expected to peak at 2.9 per cent in 2020, the bank further projected. Much of the emerging market improvement is driven by eight countries, the World Bank said.