Kohl’s is focused on creating shareholder value: CEO

About This Source - CNBC Television

CNBC is an American pay television business news channel, which primarily carries business day coverage of U.S. and international financial markets. Following the end of the business day and on non-trading days, CNBC primarily carries financial and business-themed documentaries and reality shows.

As of February 2015, CNBC is available to approximately 93,623,000 pay television households (80.4% of households with television) in the United States.

Recent from CNBC Television:

  • The metaverse is a ‘great idea,’ but that’s it so far, says Swisher
  • First group of Afghan evacuees arrive in the U.S.
  • Millions face eviction as federal ban ends tomorrow
  • CNBC Television published this video item, entitled “Kohl’s is focused on creating shareholder value: CEO” – below is their description.

    CNBC’s Courtney Reagan talks to Kohl’s CEO Michelle Gass about the company’s outlook, improving profitability, activist investors and the company’s focus on creating shareholder value. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

    Kohl’s on Tuesday reported fourth-quarter earnings and sales that topped analysts’ estimates, and pointed to stronger growth in 2021.

    Facing pressure from activist investors, the company said it will reinstate its dividend and buy back shares.

    With its sales strained by the pandemic, Kohl’s has been working to drive more shoppers online, and add brands that sell home accessories, fitness gear and makeup to lure new customers. It’s also been trying to cut costs and trim inventories, and these efforts have helped improve profits.

    “After an extraordinary year managing through the pandemic, we ended the year in a very solid financial position, and we enter 2021 with strong momentum,” Chief Executive Michelle Gass said in a statement.

    Kohl’s shares were rising nearly 2% by midday.

    Here’s how the company did during the quarter ended Jan. 30 compared with what analysts were expecting, using a Refinitiv survey:

    Earnings per share: $2.22 adjusted vs. $1.01 expected

    Revenue: $5.88 billion vs. $5.86 billion expected

    Kohl’s reported net income of $343 million, or $2.20 per share, compared with $265 million, or $1.72 a share, a year earlier. Excluding one-time charges, the company earned $2.22 per share, topping the $1.01 forecast by analysts.

    Sales fell to $5.88 billion from $6.54 billion a year earlier, topping the $5.86 billion forecast by analysts.

    Online sales jumped 22% from a year earlier and accounted for 42% of its total sales.

    Two of Kohl’s in-house apparel brands — a comfort line for women called Sonoma and a trendier teen-focused line called So — grew year over year during the quarter, Gass told CNBC in a phone interview.

    Recent tie-ups to bring merchandise from Land’s End, Eddie Bauer and Calvin Klein into stores are further helping to stir up excitement and give people a reason to visit Kohl’s, she said.

    Kohl’s also saw a boost in stores in early January, as people visited the retailer to return holiday items bought on Amazon, and picked up something else during the trip, Gass explained. Kohl’s stores nationwide offer an outpost to accept Amazon returns.

    The company said at least 2 million new customers shopped at Kohl’s last year because of its Amazon returns service, a third of which are millennials.

    » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision

    » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC

    » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic

    Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

    The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast

    Connect with CNBC News Online

    Get the latest news: http://www.cnbc.com/

    Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC

    Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC

    Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC

    Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

    https://www.cnbc.com/select/best-credit-cards/

    #CNBC

    #CNBCTV

    CNBC Television YouTube Channel

    Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.

    Leave a Comment