On Tuesday, the company said sales in stores that were open for at least one year increased by anemic 0.4% over the past quarter. Kohl's profit fell 24% during the quarter compared to a year ago, and the retailer set the prospect on its way into the holiday shopping area. It was the second time Kohl's cut the forecast this year.
CEO Michelle Gass tried to put her best spin on the results. "We're going into the holiday with speed," she said in a prepared statement.
The results indicate that Kohl's makeover strategies are short-lived.
Gass, Kohl's CEO, has taken a proactive approach to recreating the retailer's more than 1,150 stores for online shopping time. Kohl's is considered by many analysts to be in a better position than Macy's, JCPenney and other branded stores because most of Kohl's stores are away from malls.
Kohl has partnered with Amazon to provide free returns for customers in stores. Earlier this year, Gass said the rollout of Amazon to all stores was the company's "biggest initiative" for the year.
But in order to survive, Kohl may need to get bigger.
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