Kohl's stock spikes 20% as slumping retailer says sales trends are improving
Kohl's stock surged 20% following the retailer's announcement of improved sales trends. CEO Michael Bender highlighted the company's disciplined management and cleaner inventory as key factors in their performance. Despite a slight decline in net sales, Kohl's remains optimistic about its future growth and has reaffirmed its full-year outlook.
- ▪Kohl's stock increased by 20% after reporting its best comparable sales performance in four years.
- ▪The retailer's net sales decreased by 1.7% in the fiscal first quarter, but comparable sales improved compared to the previous quarter.
- ▪CEO Michael Bender emphasized the importance of value for lower- and middle-income shoppers amid economic pressures.
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Kohl's stock jumped 20% on Thursday after the retailer reported its best comparable sales performance in four years. CEO Michael Bender told CNBC the quarter marked the company "knocking on the door of growth.""We showed that we are managing the business with great discipline, strong expense management, our inventory is much cleaner than it's ever been and the balance sheet continues to show strength," Bender said.The retailer said its net sales decreased 1.7% and its comparable sales slid 1.1% in its fiscal first quarter as it aims to turn around its business and regain market share.
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