Kohl’s Corp and Duluth Trading Co Sales Slump Before Holiday Shopping Season
Two of Wisconsin’s most recognizable retail companies are facing sales slumps as they head into the holiday shopping season, according to recent earnings reports.
Kohl’s Corp., located in Menomonee Falls, saw a decrease in net sales of 8.8 percent in the third quarter compared to the previous year. Similarly, Duluth Trading Co., based in Mt. Horeb, experienced an 8.1 percent decline in net sales.
Lands’ End, headquartered in Dodgeville, reported a $6.1 million drop in net revenues during the third quarter of this year when compared to the same period last year. However, officials explained that this decrease was balanced out by transitioning some brands to licensing agreements.
Moving forward, Kohl’s CEO Tom Kingsbury, who will be stepping down next month, expressed disappointment in the company’s recent sales performance. During the earnings call on November 26th, he acknowledged that the sales figures did not meet expectations and emphasized the need for improvement.
Kingsbury highlighted a decline in foot traffic, particularly during the back-to-school season, as one of the contributing factors to the sales slump. He stressed the importance of executing at a higher level and prioritizing customer needs in order to turn things around.
The third quarter ended on different dates for each company: November 2nd for Kohl’s, November 1st for Lands’ End, and October 27th for Duluth Trading Co. The companies are now strategizing on how to boost sales and improve their financial outlook in the coming months.
