May 30, 2024 - Business
Charted: Investors get lump of Kohl
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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.
