In a filing with the United States Securities and Exchange Commission, Kohl’s stated that it has taken action to further align its cost base in response to the business impact of the COVID-19 pandemic, and so reduced corporate positions by approximately 15%.
Kohl’s is still grappling with the impact of the coronavirus pandemic on the marketplace and the economy, as second quarter net sales and net income declined, although not as much as Wall Street analysts had estimated.
Kohl’s plans to reopen stores in 10 states on Monday, May 11, after opening stores in four states earlier this week. Following local guidelines and health information, the company will open additional Kohl’s stores in the coming weeks, taking the same measured approach.
In its ongoing support to slow the spread of COVID-19, Kohl’s is extending the duration of its temporary store closures until further notice. Due to the significant impact to the business, Kohl’s is taking additional actions to strengthen its financial flexibility.
A range of retailers across channels are responding to the coronavirus outbreak with moves to temporarily close their stores, reduce store hours and other consumer and employee oriented initiatives.
Kohl’s has partnered with Lands’ End to offer the retailer’s entire assortment of women’s, men’s, kids, and home merchandise on Kohls.com, directly fulfilled and shipped by Lands’ End, beginning fall 2020.
Kohl’s beat a Wall Street fourth quarter estimate and showed some bright spots in its performance, but CEO Michelle Gass expressed disappointment with the company’s financial results.
As part of Kohl’s commitment to health and wellness this year, the department store is continuing to collaborate with wellness company WW (formally Weight Watchers International). Kohl’s and WW are launching WW pop-ups in select stores this January to support customers on their wellness journeys.
Kohl’s may have improved its momentum as the third quarter ended with a comparable store sales increase, but it missed a Wall Street estimate for the period.
Kohl’s is looking to inspire gift givers with product newness and a range of deals this holiday season. The retailer said that its new marketing campaign, “New Gifts at Every Turn,” will recognize and reward the gift giver’s effort, excite customers with product newness and spotlight Kohl’s Cash.
Kohl’s is launching a significant number of new brands that will join its product portfolio during the fall and holiday seasons. Shoppers will discover new brands across product categories including new brands to Kohl’s, new collaborations and new partnerships with existing Kohl’s brands.