Nasdaq falls as investors put their time ahead of Nvidia earnings

Shares of Coles ( KSS ) rose as much as 7% in early trading after the company beat Wall Street’s revenue expectations by 15 cents and raised its profit outlook.

In Q2, the retailer doubled down on inventory management and spending, leading to a 9% year-over-year decline in inventory. “It plans to remain committed to increasing inventory turns and managing inventory to lower mid-single digits,” CEO Tom Kingsbury said in a call to investors.

All of this “should be competitive during a very promotional holiday season,” said CFO Jill Timm.

Kohl’s expects to end 2024 with adjusted earnings per share in the range of $1.75 to $2.25 and an operating margin of 3.4% to 3.8%.

The company cut its full-year sales growth guidance as a “difficult consumer environment” persists and Kohl’s customers feel the “burden” of higher living costs, causing them to put less in their baskets in Q2.

It expects same-store sales to decline 3% to 5% in fiscal 2024, higher than the previously expected 1% to 3% year-over-year decline.

Sephora at Kohl’s continues to be a bright spot for the company. Total sales for the business rose nearly 45% year-over-year in Q2, with sales growth in the low-teens.

By 2024, the company has added 140 total locations, surpassing 1,000 Sephora stores inside Kohl’s.

“We’ve seen a good crossover in terms of customers shopping at Sephora,” Kingsbury said, “about 35% of Sephora baskets have another Kohl’s product in their basket.” As the beauty shop attracts younger customers, it plans to move the juniors section to the front of the store.

See also  Broward County, Florida: Severe flooding as Fort Lauderdale area faces record rainfall

Leave a Reply

Your email address will not be published. Required fields are marked *