Kohl''s Q3 FY20 result: revenue $3.9 bn; net loss $12 mn
Kohl''s, a US-based omni channel retailer, has reported 14 per cent decrease in its total revenue to $3.9 billion during the third quarter (Q3) for fiscal 2020 that ended on October 31, 2020, compared to the revenue of $4.6 billion in same period previous fiscal. Company incurred a net loss for Q3 FY20 of $12 million (Q3 FY19: net profit $123 million).
“Our third quarter results exceeded our expectations with significant sequential sales and profitability improvement. Digital sales growth remained strong and our actions to improve our gross margin showed great progress,” Michelle Gass, Kohl’s chief executive officer, said in. press release.
Gross margin rate for Q3 FY20 was 35.8 per cent (36.3 per cent). Selling, general and administrative expenses dropped to $1.3 billion ($1.4 billion). Kohl''s Operating income for the reported quarter fell to $22 million ($204 million).
“We entered the holiday season well-positioned and prepared to serve our customers with more omnichannel conveniences in place to deliver the great experience they always expect from Kohl’s. As we look ahead, we are incredibly focused on executing against our new strategic framework, which represents our greatest opportunity to drive long-term sales and profit growth and create shareholder value in the coming years,” Gass said.
Thursday, 19 November 2020