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Department store chain Kohl’s Corp. (NYSE: KSS ) on Wednesday reported a net loss for the fourth quarter of 2022 as the company’s revenue fell 7%.
On an adjusted basis, the company reported a loss of $2.49 per share for the January quarter, compared with earnings of $2.20 per share in the year-ago 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 underlying performance reflected a 7% year-over-year decline in revenue to $5.77 billion. Fourth quarter comparable sales were down 6.6%.
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“Our efforts to drive the business are underway. We are refining our strategy and re-establishing our customer-focused merchandising discipline throughout the organization. I am confident that our efforts will drive better and more consistent sales and earnings performance in the long term,” said CEO Kohl’s Tom Kingsbury’s.
Previous Performance
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