Team Clark is adamant that we will never write content influenced by or paid for by an advertiser. To support our work, we do make money from some links to companies and deals on our site. Learn more about our guarantee here.
Kohl’s recently released its earnings report — followed by a company announcement that it would be closing 18 of its stores.
Read more: If you have gift cards to any of these retailers, you better use them ASAP
Retail is experiencing a significant shift lately. National retailers have had to adjust to the rise of the budget-conscious shopper that is always looking for a bargain, coupled with an upward online sales trend and heavy competition in the discount retail space.
News broke about two weeks ago that athletic store Sports Authority went bankrupt and was restructuring in an attempt to recover. Sports Authority also plans to close 140 of its stores, while Walmart made an announcement it was going to close 269 of its stores.
But as for Kohl’s, though sales were strong between Thanksgiving and Christmas, the company had a slightly difficult time in early November and January.
‘I am particularly encouraged by the 4% increase we saw between Thanksgiving and Christmas. At the most competitive time in retail, customers were choosing Kohl’s,’ said Kevin Mansell, Kohl’s chairman, president and chief executive officer.
He continued, ‘This strength, however, was substantially offset by softness in early November and in January when demand for cold-weather goods was especially low, resulting in a quarterly comparable sales increase of 0.4%, which was below our expectations.’
Read more: What to know about Wal-Mart’s announcement to close 269 stores
According to Fox 6 News Milwaukee, the following affected stores will be closed as of June 19, 2016:
Read more: 19 stores that will match Walmart’s ‘everyday low prices’
This post was last modified on March 22, 2017 3:52 pm
Deciding to save and invest are great habits. But once you check that box, your…
If you're considering subscribing to Fubo, you need to be comfortable missing out on some…
Are you looking for a way to earn 2% back on every purchase you make…
You're not alone if you're running a balance on your credit cards. Collectively, Americans are…
A big part of saving money comes down to knowing how to comparison shop. But…
If you work for a big company as a full-time employee, chances are you have…