Kohl’s Beats Profit Estimates on Cost Cuts, Leaner Inventory
August 25, 2023
Kohl’s Corp reported better-than-expected quarterly profit, attributed to leaner inventories, reduced costs, and fewer discounts, which helped the department store chain navigate a broader retail slowdown. The company’s inventory decreased by 14% during the quarter due to stock clearance efforts, contributing to a drop in gross margin. Kohl’s CEO, Tom Kingsbury, expressed confidence in the company’s performance and strategic efforts despite ongoing macroeconomic pressures and highlighted their focus on targeted discounts and inventory management.
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