According to Placer.ai, despite being down year over year, Kohl’s stores are 2020 winners versus key rivals, particularly in the holiday season.
Based on early analysis of shopping patterns, 1010data has forecast a 5% increase in year-end sales for the holidays, with digital up 50% and store spending down 1% versus the 2019 season.
Kohl’s has formed a long-term strategic partnership with Sephora to create a new era of elevated beauty at Kohl’s, marrying its customer reach and omnichannel convenience with Sephora’s prestige service, product selection and beauty experience.
Kohl’s raced to national prominence on a clever proposition— take outlet-type bargains to the people, opening stores designed to compete with mid-tier and department store retailers in strip malls, closer to the homes of consumers it wanted to make customers.
Kohl’s recently shared the company’s new strategic framework with the investment community, including new initiatives to position the company for long-term success. As part of its strategy, Kohl’s said it has set a new vision: to be the most trusted retailer of choice for the active and casual lifestyle.
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.