For the quarter ended July 29, Kohl’s earned a profit of $58 million, or 52 cents per share. Last year, Q2 profit stood at $143 million, translating to $1.11 per share. Total revenue fell from $4.09 billion last year to $3.9 billion. This beat analysts’ expectations of 23 cents per share on revenue of $3.76 billion.

Due to the challenging economic climate, Kohl’s looked to reduce its inventory and its spending as sales dried up due to stubborn inflation and higher interest rates that have affected consumer prices. Compared to the previous year, inventory was reduced by 14%.

The post Kohl’s Beats Wall Street Earnings Forecast Despite Profit Decline appeared first on theprimarymarket.com.

Kohl’s started a “strategic review process” earlier this year that saw the company start the process of selling itself. Multiple interested parties have made their approaches, including Franchise Group, which emerged as a top bidder with a $60 per share offer. However, The Vitamin Shoppe parent company later lowered its bid to $53, causing the breakdown in negotiations.

“Despite a concerted effort on both sides, the current financing and retail environment created significant obstacles to reaching an acceptable and fully executable agreement,” said Peter Boneparth, chairman of Kohl’s board.

After the news about the failed sale became official, Kohl’s stock (KSS) dipped more than 20 percent. The KSS closed on Thursday at $35.71 per share before plunging to $28.25 by noon on Friday.

Kohl’s is currently the largest department store chain in the nation. It has 1,162 locations, operating a store in each state besides Hawaii, and annual sales of around $19 billion. However, the business hasn’t been great for Kohl’s recently due to supply chain issues, rising costs, and competition. In response, the company tried to take several actions to bounce back but didn’t see many positives so far.

The post Kohl’s No Longer Up for Sale After Franchise Group Talks Collapse appeared first on theprimarymarket.com.

For the quarter ended July 29, Kohl’s earned a profit of $58 million, or 52 cents per share. Last year, Q2 profit stood at $143 million, translating to $1.11 per share. Total revenue fell from $4.09 billion last year to $3.9 billion. This beat analysts’ expectations of 23 cents per share on revenue of $3.76 billion.

Due to the challenging economic climate, Kohl’s looked to reduce its inventory and its spending as sales dried up due to stubborn inflation and higher interest rates that have affected consumer prices. Compared to the previous year, inventory was reduced by 14%.

The post Kohl’s Beats Wall Street Earnings Forecast Despite Profit Decline appeared first on theprimarymarket.com.

Kohl’s started a “strategic review process” earlier this year that saw the company start the process of selling itself. Multiple interested parties have made their approaches, including Franchise Group, which emerged as a top bidder with a $60 per share offer. However, The Vitamin Shoppe parent company later lowered its bid to $53, causing the breakdown in negotiations.

“Despite a concerted effort on both sides, the current financing and retail environment created significant obstacles to reaching an acceptable and fully executable agreement,” said Peter Boneparth, chairman of Kohl’s board.

After the news about the failed sale became official, Kohl’s stock (KSS) dipped more than 20 percent. The KSS closed on Thursday at $35.71 per share before plunging to $28.25 by noon on Friday.

Kohl’s is currently the largest department store chain in the nation. It has 1,162 locations, operating a store in each state besides Hawaii, and annual sales of around $19 billion. However, the business hasn’t been great for Kohl’s recently due to supply chain issues, rising costs, and competition. In response, the company tried to take several actions to bounce back but didn’t see many positives so far.

The post Kohl’s No Longer Up for Sale After Franchise Group Talks Collapse appeared first on theprimarymarket.com.