Kohl's Corp signaled a slow start to the current quarter on Tuesday, as the department store chain discounts heavily and grapples with weak demand as fewer schools reopen due to the COVID-19 pandemic, sending its shares down nearly 16%.
) signaled a slow start to the current quarter on Tuesday, as the department store chain discounts heavily and grapples with weak demand as fewer schools reopen due to the COVID-19 pandemic, sending its shares down nearly 16%.
“Back-to-school season has been impacted by the crisis as families navigate how their kids will return to school this year,” Chief Executive Officer Michelle Gass said on the earnings call. U.S. department stores, which had been struggling to boost sales even before the pandemic, have had to sell products at lower prices and invest in their online businesses to keep pace with online-centric, off-price, and deeper-pocketed big-box retailers.
Walmart also posted its biggest-ever growth in online sales as shoppers cashed-in stimulus checks and ordered everything from electronics and toys to groceries online.
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