Kohl's comparable sales fell 9.3% in the third quarter, a significant decline attributed to an overreliance on Sephora and a disappointing performance across apparel and footwear categories.
CEO Tom Kingsbury described the company's disappointing third-quarter performance, highlighting their aggressive actions to address the decline. Net income also fell to $22 million from $59 million year-over-year.
Despite challenges, beauty sales at Sephora provided a glimmer of hope. However, the decision to shift focus to Sephora led to negative impacts on the fine jewelry business.
Kohl's expects a further decline in full-year comparable sales by 6% to 7%, marking a tough path forward after a 45% year-to-date share price decline.
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