Kohl’s quarterly net sales slump nearly 44%

Business

FILE PHOTO: The sign outside a Kohl’s store is seen in Broomfield, Colorado February 27, 2014. REUTERS/Rick Wilking

(This May 19 story officially corrects paragraph 3 to say net loss of “$3.52” per share and not “$3.50” after company adjusts the number while preparing its quarterly filing.)

(Reuters) – Kohl’s Corp (KSS.N) reported a nearly 44% slump in quarterly net sales on Tuesday, as the department store chain’s stores remained shut for most of the first quarter due to the COVID-19 lockdowns.

Net sales fell to $2.16 billion from $3.82 billion a year earlier.

For the quarter ended May 2, the company reported net loss of $541 million, or $3.52 per share, compared with a profit of $62 million, or 38 cents per share, a year earlier.

Reporting by Nivedita Balu in Bengaluru; Editing by Arun Koyyur

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