(Reuters) – (This May 19 story corrects paragraph 5 to say excluding items, Kohl’s lost $3.22 per share and not $3.20 after company adjusts the number while preparing its quarterly filing. The error also occurred in previous versions of the story)
Kohl’s Corp (KSS.N) said the coronavirus crisis would have a material impact on results this year as it removed eight brands including Jennifer Lopez, Juicy Couture and Popsugar from its stores and warned demand for women’s apparel would remain weak.
Excluding items, it lost $3.22 per share, far worse than forecasts of a $1.80 loss, according to Refinitiv data.
“Our financial performance, like many other retailers, will be materially impacted by COVID-19 in 2020,” Chief Executive Officer Michelle Gass told a post-earnings call.
The results follow bankruptcy filings by peers J.Crew, Neiman Marcus and J.C. Penney (JCP.N) on the back of huge losses racked up in the two months since U.S. states began issuing stay-at-home orders.
“Exiting them (the 8 brands) will create focus and clarity on the brands that will continue,” Gass said. “We’re still highly committed to the women’s business. In the short term, we’re facing some challenges here.”
Reporting by Nivedita Balu in Bengaluru; Editing by Arun Koyyur and Patrick Graham