Following a decline in first quarter net sales and comparable store sales, Kohl’s CEO Michelle Gass said the retailer is “actively addressing opportunities” that impacted revenue in the three month period ended May 4.
Total revenue in the quarter was $4.1 billion, down 2.9% from the comparable quarter the previous year. Net income was $62 million, down 17% year-over-year with diluted earnings per share down 16% to $0.38. Comparable store sales were down 3.4%.
“The year has started off slower than we’d like, with our first quarter sales coming in below our expectation,” Gass said.
While not offering specifics on the opportunities Kohl’s is addressing, she said the company is excited about its nationwide rollout of the Amazon returns program and several brand launches and program expansions.
“Operationally, the team reacted appropriately throughout the quarter by managing expenses in line with our expectations,” Gass said. “While we are planning the year more conservatively, we continue to invest in our business and operate with a view on our long-term success.”