Kohl's exits Jennifer Lopez, other women's brands as losses mount [Reuters]
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Source: Reuters
Kohl's exits Jennifer Lopez, other women's brands as losses mount (Reuters) - Kohl’s Corp ( KSS.N ) said the coronavirus crisis would have a material impact on results this year as it removed eight brands including Jennifer Lopez, Juicy Couture and Popsugar from its stores and warned demand for women’s apparel would remain weak. Shares in the department store chain, which shut stores across the United States due to lockdowns to halt the pandemic, fell about 8% after it reported a bigger-than-expected first-quarter loss. The mid-priced chain reported a 24% surge in online sales in the quarter and more than 60% in April and said it had now reopened nearly half its U.S. stores as lockdowns eased. For the quarter ended May 2, however, net sales fell about 44% to $2.16 billion and the company reported a net loss of $541 million. Excluding items, it lost $3.20 per share, far worse than forecasts of a $1.80 loss, according to Refinitiv data. “Our financial performance, like many other reta
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