Kohl’s stock plummets 20% after massive earnings miss

Loss per share: 24 cents vs. a profit of 4 cents expected

Revenue: $3.18 billion vs. $3.34 billion expected

Kohl’s reported a net loss of $27 million, or a loss of 24 cents per share, compared to a year-ago profit of $14 million, or 13 cents per share.

Net sales decreased 5.3% to $3.18 billion compared to the year prior, with comparable sales down 4.4%.

The company also lowered its 2024 guidance. It now expects full-year net sales to decline between 2% and 4%. Wall Street analysts polled by LSEG had been expecting 2024 sales guidance of a 0.2% gain.

Kohl’s expects full-year diluted earnings per share in the range of $1.25 to $1.85 – far lower than the $2.34 per share that was expected.

Kohl's stock plummets 20% after massive earnings miss https://www.cnbc.com/2024/05/30/kohls-kss-earnings-q1-2024.html?__source=iosappshare%7Ccom.apple.UIKit.activity.CopyToPasteboard