Kohl's reported a net sales decrease of 8.8% to $3.5 billion for the third quarter of fiscal 2024, with comparable sales declining by 9.3%. The company's net income fell to $22 million, or $0.20 per diluted share, compared to $59 million, or $0.53 per diluted share, in the prior year.
The department store chain cut its full-year 2024 sales forecast for the third time this year, now expecting net sales to decrease by 7% to 8%, a revision from its previous guidance of a 5% to 7% decline. This signals ongoing struggles to attract shoppers ahead of the holiday season.
Outgoing CEO Tom Kingsbury acknowledged that the company had 'deemphasized products and categories that are important to our loyal customers,' such as apparel and footwear, which remained soft. He also noted that an 'all-time high' in coupon exclusions in 2024 contributed to customer frustration.
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