Kohl’s results kick off a week of earnings reports for several retailers and cast a shadow over the department store segment in the process.
In a statement Tuesday, Kohl’s CEO Michelle Gass noted that store comps returned to growth from the second quarter’s decline. But Credit Suisse analyst Michael Binetti called it a “big miss” in light of the retailer’s new initiatives in apparel and cold weather in the Midwest and said his team was “disappointed by the magnitude of the 2019 [earnings] guide cut.” The report also represents a “negative read-thru” to upcoming department store earnings this week from the likes of Macy’s and Nordstrom, according to a Credit Suisse client note emailed to Retail Dive.
