Kohl's, Nordstrom offer mixed picture of holiday quarter
NEW YORK — Department stores Nordstrom and Kohl’s offered on Thursday a snapshot of their holiday 2020 performance that underscored the challenges ahead as they navigate a pandemic.
Kohl’s Corp. delivered a better assessment of fiscal fourth-quarter earnings, but a key sales measure was down more than analysts expected.
Upscale Nordstrom reiterated its guidance for the fiscal holiday quarter, saying it expects to see a drop in total sales in the low 20% range compared with the year-ago period. But for the current fiscal year, retail sales and credit card revenue should increase 25% compared to the year-ago period when its sales were temporarily closed because of the pandemic, the retailer said. Online sales should account for 50% of total sales.
Kohl’s, based in Wenomonee Falls, Wis., said that preliminary earnings for the quarter ended Jan. 30 are in the range of $1.00 to $1.05 per share. Analysts expected 70 cents per share, according to FactSet. Sales at stores opened at least a year were down 11%. Analysts had expected a 7.9% drop.
Online sales growth rose more than 20%, and accounted for more than 40% of net sales, Kohl’s said.
