Kohl’s blames marketing efforts for dismal sales
The retailer reported a massive sales slump and said its turning away from digital campaigns to try to get people shopping in its stores.
In its latest earnings report, the retail chain that boasts 1,167 stores reported a massive earning drop of 87 percent.
Kohls also missed its sales targets and saw a 3.7 percent drop in year-over-year sales. Its stock price has declined 53 percent in the past year.
The culprit? Though online-only competitors are cutting into the retailer’s sales, the company blamed its marketing efforts.
“There are definitely some company-specific issues from a marketing perspective that we’re working on rectifying, so we know that affected our first quarter,” said Wesley McDonald, Kohl’s chief financial officer, on a recent conference call.
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