US: Kohl's second-quarter net income falls on weak sales
US department store operator Kohl's saw second-quarter net income decline on the back of "disappointing" sales.
Net income fell 19.7% to US$240m over the quarter ended 28 July. Sales declined 1% to $4.2bn, and were down 2.7% on a comparable store basis.
"Our sales performance in the second quarter was disappointing," said chairman, president and CEO Kevin Mansell.
"Our gross margin performance for the quarter, however, was better than expected. Our teams remain disciplined in their expense management and, again, delivered solid results. We accomplished our goal of improving inventory levels for the fall season and our sales improved considerably in July as units were received. As we look forward to the fall season, we are excited about the fashion content and level of newness in our assortments."
Over the half, net income fell 21.2% to $394m. Net sales increased 0.4% to $8.4bn, while on a comparable store basis, sales decreased 1.3%.
Generally, 2013 is seen as being another challenging year for the apparel industry - although there is cautious optimism for an improved business environment. Issues such as compliance, sustainability...
Opportunities the apparel industry should focus on this year include developing strategic relationships to improve flexibility across the supply chain; a focus on adding value through design, innovati...
What should apparel firms have learnt from the upheaval of the past couple of years - and what should they be doing now if they want to remain competitive into the future? They need to remain nimble e...
Uncertainty is perhaps the biggest challenge facing the apparel industry in 2013. The economic situation in Europe and the US, a combination of rising production costs and flat prices, the pressure to...
Faced with continuing challenging trading conditions in 2012, retailers responded with a number of different strategies to try to grow their businesses. International expansion, new and larger format ...
The following is a general roundup of US apparel and shoe retailers' January 2013 sales results....
Retailers posted mixed December sales results as many were forced to discount heavily to drive sales in the weekend prior to Christmas, in the hope of making up for weaker sales earlier in the month....
The following is a general roundup of US apparel and shoe retailers' December 2012 sales results....
- 2014: Year in review - Sourcing winners and losers
- 2014: Year in review - Brand winners and losers
- 2014: Year in review - Retail winners and losers
- Bangladesh: Raising the bar on apparel exports?
- Bangladesh: The business benefits of compliance
- Report urges overhaul of Cambodia factory safety
- Bangladesh factory improvements “will take years”
- Bangladesh knitting worker killed by faulty lift
- North Face debuts locally-grown "backyard" hoodie
- Tommy Hilfiger launches solar-powered jacket