Department store chain Kohl’s Corp. (NYSE: KSS) on Wednesday reported a net loss for the fourth quarter of 2022 when the company’s revenues declined 7%.
On an adjusted basis, the company reported a loss of $2.49 per share for the January quarter, compared to earnings of $2.20 per share in the prior-year quarter. On an unadjusted basis, the net loss was $273 million or $2.49 per share, compared to a profit of $299 million or $2.20 per share in the prior-year period.
The weak bottom-line performance reflects a 7% year-over-year decrease in revenues to $5.77 billion. Fourth-quarter comparable sales dropped 6.6%.
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“Our efforts to drive the business are already underway. We are refining our strategy and re-establishing merchandise disciplines with a customer-centric focus across the organization. I am confident that our efforts will drive improved and more consistent, sales and earnings performance over the long term,” said Kohl’s CEO Tom Kingsbury.