Department store chain Kohl’s Corp. (NYSE: KSS) reported a net loss for the second quarter of 2020, compared to profit last year. The results surpassed estimates and the company’s stock gained Tuesday morning.
The company reported a loss of $0.25 per share for the July quarter, compared to earnings of $1.55 per share last year. Analysts were looking for a wider loss.
Net income was $47 million or $0.30 per share, sharply lower than $241 million or $1.51 per share reported in the second quarter of 2019.
The dismal bottom-line performance reflects a 23% fall in revenues to $3.4 billion. Revenues, meanwhile, topped the Street view.
“During the second quarter we made significant progress in rebuilding our business. We reopened all of our stores with new safety and operating procedures, accelerated digital growth, and showed great discipline in managing inventory and expenses meaningfully lower,” said CEO Michelle Gass.