Kohl's online sales surge amid lockdown, reopens about half of its stores [Reuters]
JC PENNEY (JCP)
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Source: Reuters
Kohl's online sales surge amid lockdown, reopens about half of its stores (Reuters) - Kohl’s Corp ( KSS.N ) reported a surge in online sales in its coronavirus-hit first quarter on Tuesday and said it had reopened nearly half its stores as lockdowns eased across the United States, sending its shares around 5% higher. Kohl’s was forced to close all its U.S. stores to curb the spread of the virus, hammering sales and sending shares in the retailer some 63% lower so far this year. But the company said that online sales rose 24% overall in the quarter and more than 60% in April, dwarfing earlier growth as the chain limited operations to its app and website. “We have begun the rebuilding process, recently reopening about 50% of our stores across the country,” Michelle Gass, chief executive officer, said. The company, which owns over 1,100 stores in the United States, had earlier withdrawn its full-year forecast, suspended share buyback plan and borrowed money to combat the pandemic’s imp
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