May 30, 2024 - Business

Charted: Investors get lump of Kohl

A line chart that displays the daily stock price of Kohl's from January 2 to May 30, 2024. The price fluctuates from a high of $29.35 on April 1 to a low of $21.02 on May 30. The chart shows a general downward trend over the period, with occasional spikes.
Data: Yahoo Finance; Chart: Axios Visuals

Kohl's stock plunged today after the retailer reported a continued downturn in sales.

  • The department store chain is hoping to avoid the fate of some of its rivals, such as Sears and JCPenney, both of which ended up in bankruptcy.

Between the lines: Kohl's reported a 4.4% decline in comparable sales in the period ending May 4, as even the company's popular clearance sales underperformed.

  • "Our first quarter results did not meet our expectations," CEO Tom Kingsbury said in a statement.

The big picture: Overall sales are down nearly 17% from 2019, according to GlobalData.

  • Kohl's share price has fallen nearly 65% since November 2019.

The intrigue: This isn't a mall story: Only about 1 in 20 Kohl's are located in shopping malls, according to Morningstar.

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This story was an excerpt from Axios Closer, a recap on the day's biggest business stories.

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