Kohl’s Q1 sales drop by 5.2 percent

First quarter net sales and comparable sales at Kohl’s Corporation decreased 5.2 percent to 3,715 million dollars.

First quarter diluted earnings per share were 11 cents compared to 9 cents in the same quarter of the previous year and adjusted diluted earnings per share were 11 cents compared to 1.05 dollars in the first quarter of 2021.

“The year has started out below our expectations. Following a strong start to the quarter with positive low-single digits comps through late March, sales considerably weakened in April as we encountered macro headwinds related to lapping last year’s stimulus and an inflationary consumer environment,” said Michelle Gass, Kohl’s chief executive officer.

The company is updating its full year 2022 financial outlook and now expects net sales growth in the range of 0 percent to 1 percent, operating margin in the range of 7 percent to 7.2 percent and earnings per share in the range of 6.45 dollars to 6.85 dollars.

Kohl's board of directors has declared a quarterly cash dividend of 50 cents per share payable June 22, 2022 to shareholders of record at the close of business on June 8, 2022.

“Regarding our review of strategic alternatives, we continue to engage with multiple interested parties. We have formally communicated the specific procedures for the submission of actionable bids due in the coming weeks,” added Gass.