Kohl's reported a net loss of $14 million, or 13 cents per share, for its fiscal first quarter, which was better than the expected loss of 19 cents per share. Revenue fell to $3 billion from $3.05 billion, slightly exceeding analyst expectations of $2.99 billion. The company noted a 1.1% decline in comparable sales, an improvement from a 2.8% drop in the previous quarter.
CEO Michael Bender expressed optimism about the company's initiatives driving improvements, emphasizing strong expense management and an improved balance sheet. Despite ongoing challenges, Kohl's reaffirmed its full-year outlook, projecting net sales and comparable sales to decline by 2% to remain flat, with adjusted earnings per share expected between $1 and $1.60.
The stock had previously fallen over 35% this year, making this positive news particularly significant for investors