Kohl’s CEO signals that sales are picking up
Kohl’s Corp. rose in early trading after Chief Executive Officer Michelle Gass said comparable sales gained ground in the latter part of the second quarter and that store traffic is on the rise, thanks to its partnership with Amazon.com Inc.
While same-store sales fell 2.9% for the full quarter, missing analysts’ projections, according to Consensus Metrix, Kohl’s posted profit of $1.55 a share, excluding some items, topping estimates by 2 cents.
- A successful start to the back-to-school season helped spur sales growth in August, Gass said in a statement.
- In July, Kohl’s started accepting Amazon returns at all of its stores. Gass said Tuesday that she’s “confident” the sales growth trend will continue with new brand launches and increased traffic from the Amazon return program.
- Investors will have to wait for the company’s earnings call at 9 a.m. for updates on any impact that tariffs on goods from China may have on the business.
- The shares rose 3% in early trading at 8:53 a.m. on Tuesday.
- Kohl’s stock had slid 27% this year through Monday’s close.