Kohl’s Raises Full-Year Guidance After Q2 Performance

The first half of fiscal 2021 for the department store retail chain Kohl’s — and especially the second quarter of the year that ended on July 31 — was enough for company leaders to raise their expectations for the full year.

After reporting on Thursday (Aug. 19) that total revenue was up more than 30 percent in the second quarter (from $3.4 billion to $4.4 billion) and up 43 percent for the first half of the year (from $5.8 billion to $8.3 billion), Kohl’s says its net sales are likely to grow in the low twenties percentage range for the year, compared to prior expectations in the mid to high teens. Net sales for Kohl’s increased 31 percent in the second quarter of fiscal 2021.

“Our performance in the second quarter marked another important step in further establishing Kohl’s as the leading destination for the active and casual lifestyle,” said Michelle Gass, Kohl’s chief executive officer, in the company announcement. “We delivered record second-quarter earnings, with sales and margins materially exceeding expectations.

“As pleased as we are with our ongoing strategic progress, much of our opportunity is still ahead of us. We are on the eve of launching several transformational partnerships that will drive sustainable growth for years to come,” she added.

Related: Kohl’s Brings Cole Haan Footwear To Stores And eCommerce

In March, Kohl’s announced that Cole Haan footwear is available at 200 of its brick-and-mortar locations and its website, according to a Thursday (March 25) announcement, joining Adidas, Under Armour, Nike, Stride Rite, Vans, Converse, Nine West, TOMS and other brands.

Earlier in March, Kohl’s also introduced the FLX private-label athleisure brand at more than 300 stores and online.

Also Read: Kohl’s Digital Sales Temper Broader Revenue Decline

Kohl’s Q2 earnings report didn’t single out the company’s quarterly digital sales performance after noting in March that digital sales were up 21 percent in the fourth quarter of 2020.