Kohl’s report misses massive gains, with additional purchase bids remaining within weeks

Kohls Corporation KSS,
Net profit for the first quarter was $ 14 million, or 11 cents per share, after reporting $ 14 million, or 9 cents per share, last year. $ 3.471 billion sales fell to less than $ 3.662 billion. FactSet agreed to 69 cents EPS and 3.684 billion in sales. “Following a strong quarterly start with a positive low-single digit compass in late March, sales in April weakened considerably as we faced last year’s stimulus and a macro headwind related to an inflationary consumer environment,” chief executive Michel said in a statement. . . “We expect our business to improve as the year progresses, with growth in the second half benefiting from the roll out of 400 additional Sephora stores, increased loyalty rewards and further investment in our stores.” Gus says the company is reviewing strategic options, with additional “actionable bids” coming in the coming weeks. Kohls is working with Goldman Sachs, which Kohls says is involved with more than 25 teams. Kohls turned down an earlier purchase offer. Kohls is directing full-year sales up to 1% flat and EPS in the range of $ 6.45 to $ 6.85, excluding non-recurring charges. Factset Consensus is for $ 18.911 billion in sales, which means a 2.4% increase, and an EPS of $ 7.09. On Wednesday, the department store retailer announced the departure of two executives. And last week, shareholders rejected an activist proposal and re-elected the company’s board. Kohl’s stock fell 3.3% in premarket trading on Thursday, and down 12.7% for the year to date.

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