Outside Bar (Bearish)
|Bid||19.26 x 1000|
|Ask||19.36 x 900|
|Day's Range||18.80 - 19.73|
|52 Week Range||10.89 - 59.28|
|Beta (5Y Monthly)||1.75|
|PE Ratio (TTM)||4.40|
|Earnings Date||Aug 18, 2020 - Aug 24, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Mar 17, 2020|
|1y Target Est||22.75|
Disappointing top- and bottom-line results isn’t great news. Yet given how poorly the department-store group has fared, investors may be relieved that today’s report wasn’t worse.
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Ladies and gentlemen, thank you for standing by and welcome to the Q1 2020 Kohl's Corporation Earnings Conference Call. Certain statements made on this call, including projected financial results and the company's future initiatives are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Kohl's intends forward-looking terminology such as believes, expects, may, will, should, anticipates, plans, or similar expressions to identify forward-looking statements.
The S&P 500 was largely unchanged on Tuesday, after a strong rally in the prior session, as investors sifted through a mixed batch of results from major retailers including Walmart and Home Depot. Home improvement chain Home Depot fell 2.4% as it missed quarterly profit estimates due to higher costs, while department store operator Kohl's Corp slumped 7.8% after reporting a bigger-than-expected loss.
Several department store and apparel chain operators were trading lower on Tuesday morning after Kohl's (NYSE: KSS) reported a larger-than-expected loss for the quarter that ended on May 2. Gap (NYSE: GPS) was down 4.5%. Kohl's was down 9.4%.
Kohl's reports a wider-than-expected fiscal first-quarter loss as the coronavirus pandemic and lockdown took an even deeper toll than expected.
Kohl’s (KSS) said it has seen a surge in online sales in the first quarter, while the department store chain posted larger losses than the market expected due to store closures during the coronavirus pandemic.Online sales in the first quarter ended May 2 increased 24% and accelerated to more than 60% in April. Net sales in the reported quarter plunged 44% to $2.16 billion. The department store chain reported adjusted loss per share of $3.20, missing market expectations of a $1.80 loss.“We entered the year in a strong financial position and our business was tracking to our expectations prior to the onset of the crisis,” said Michelle Gass, Kohl’s CEO. “Our actions to manage cash outflow and increase liquidity have been instrumental in enhancing our position to navigate this crisis, and we believe our history of prudent capital management will continue to serve us well.”Shares in Kohl’s have nosedived some 62% so far this year as the department store chain was forced to shut its stores down on March 20 to help contain the fast spread of the coronavirus pandemic.“We have begun the rebuilding process, recently reopening about 50% of our stores across the country. In doing so, we have taken special care to equip our stores with the latest health and safety measures,” said Gass. “As we look ahead, we know this experience will have a lasting impact to customer behavior and the retail landscape, and we are evolving our strategies to ensure our relevance and to capture market share.”Investors initially welcomed Kohl’s online sales growth figures and the management’s update on store reopenings as the stock rose as much as 4.5% in pre-market U.S. trading. Following the opening of U.S. financial markets, the shares swung into declines dropping 8.8% to $17.16 in morning trading.Overall, Wall Street analysts are sidelined on Kohl’s stock. Out of the 11 analysts, 7 have Holds, 2 have Sells, and 2 have Buys adding up to a Hold consensus. The $25.30 average price target indicates 45% upside potential in the shares in the coming 12 months. (See Kohl’s stock analysis on TipRanks).Kohl’s reported that it ended the quarter with $2 billion in cash. In addition, the chain operator “significantly” reduced expenses across the business inclusive of marketing, technology, operations and payroll, and cut capital expenditures by about $500 million. In an effort to preserve its cash coffers, it suspended its share repurchase program and withdrew its regular quarterly cash dividend beginning in the second quarter of 2020.Related News: GM Director Displays Confidence in Company Despite Recent Troubles Baidu Pops 8% After-Hours After Strong Earnings Beat President Trump Takes Aim at Digital Tech Giants From Google to Twitter More recent articles from Smarter Analyst: * Merck CEO Casts Doubt On ‘Very Aggressive’ Covid-19 Vaccine Timeline * GameStop Urges Shareholders To Stay Onside, As Proxy Fight Heats Up * Uber In Partnership With MoneyGram For Driver Discount During Pandemic * Autodesk Earnings: Here’s What To Expect Today
Kohl's (KSS) first-quarter top line declines year over year in the wake of coronavirus outbreak. Nonetheless, the company took every step to safeguard its financial position.