Kohl’s will Close Eighteen Stores but Locations have not been Specified Yet
On Thursday, Kohl's, the departmental store retail chain said it plans to specify the eighteen locations where it will close its stores in the coming thirty days.
Like other retail chains, although Kohl's plans to close some of its stores but is pursuing new store arrangements owing to the change in shopping trends.
The department store chain operates 1,160 or more stores and on Thursday, issued a weak revenue forecast for the year. The strategy might be connected to the twenty percent drop in profits for the fourth-quarter.
On Thursday, Kohl's chairman and CEO, Kevin Mansell, said on a conference call, the closures though small, is a rare move taken by the company as it has never before closed several locations at the same time.
The department stores nationwide are acing challenges amid changing shopping preferences as shoppers spending are more focused on home improvement and restaurants rather than apparel. The shift is making the department stores reinvent their store layouts. To top the challenges, online companies like Amazon. com is increasing completion.
Menomonee Falls, Wisconsin based Kohl's earned $296 million, or $1.58 per share for the quarter surpassing the analysts' projections by a mark. However, the numbers were way lower than the earnings of previous year at $369 million, or $1.83 per share. Revenue was also lower than the previous year but met expectations.
In one year Kohl's shares have dropped almost 35 percent.
New Zealand News
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