Kohl, a famous department store retail chain based in the United States, is rejoicing after it reported good news regarding its quarterly profit. Company executives woke up on Tuesday with the good news that the firm’s shares were up approximately 5 percent at $50.54 in premarket trade.
The business’ officials stated that the expectation is that several crucial partnerships and alliances formed by the firm, as well as the expansion of the Amazon returns program, will pay off in the rest of the year. Kohl’s shares are actually down 27 percent in 2019, but better days are on the horizon.
A Wide Project
The chain recently invested in various alliances to lure more shoppers and regain some market share. The previously mentioned Amazon returns program consists of letting customers of the giant e-commerce company return pieces and items at Kohl’s stores. a convenient scenario that resulted in more sales for the latter. The department stores chain also sells Amazon’s Echo Dot speakers and Kindle devices.
Another crucial partnership that Kohl managed to secure recently is the one with Popsugar, an American media, and technology company that owns the homonymous media property, the ShopStyle shopping platform, and a monthly subscription business PopSugar Must Have. Per the terms of the agreement, both firms partnered to launch a clothing line.
The retailer also announced, in recent days, that it will start selling an assortment of new, emerging brands online and also in 50 of its stores, thanks to the help of social media platform Facebook in spotting trendy brand names.
According to what Neil Saunders, who is currently the managing director at GlobalData Retail, told to Reuters, the retailer remains calm, unlike some of its competition, because it has several opportunities and positive things going on.
More Raw Numbers
Company officials detailed that despite sales at stores open for a minimum of a year going down 2.9 percent in Q2, the firm managed to maintain its fiscal 2019 adjusted profit forecast of between $5.15 to $5.45 per share thanks to a growth in sales in the last month and a half of the second quarter.
According to a statement from Chief Executive Officer Michelle Gass, since children are soon returning to school, the positive trend in sales has continued into August; and with the upcoming brand launches, the expansion of the Amazon program and other alliances coming to fruition, the future is bright.
Customers and potential clients will want to include Kohl in their debt consolidation plans, with all of the available options and new brands becoming obtainable in Kohl stores and its online platform.