Kohl’s Holiday Sales Slip

Kohl’s has reported that its comparable sales for fiscal November and December 2019 combined decreased 0.2% over the same period last year.

“Throughout the holiday period, we remained focused on serving our loyal customers and engaging with an increasing number of new customers. We are managing the business with discipline and we expect to deliver on our earnings guidance for the full year,” said Michelle Gass, Kohl’s CEO. “We continue to see momentum in key areas including our digital business, active, beauty and children’s, and solid performance in footwear and men’s. This was offset by softness in women’s, which we are working with speed to address. I want to thank our associates for their exceptional work in delivering a great customer experience during the important holiday period.”

Gass added, “As we look ahead, we are committed to driving innovation and bringing new experiences to both our existing and new customers. We look forward to sharing additional details on our key growth initiatives at our upcoming investor day.

Based on the holiday period sales performance, the company now expects its fiscal 2019 diluted earnings per share to be at the low end of its previously announced guidance range of $4.75 to $4.95. This guidance excludes $0.22 per diluted share related to the extinguishment of debt and impairments, store closing and other costs recognized in the first nine months of 2019.