The company says 2022 is turning out to be more challenging than expected but that it's still financially strong.
“The tailwind is that we didn’t have enough inventory last holiday. That won’t be the case this year.…This is an extraordinary environment. Between inflation and dampened consumer spending and the pressures on them considering what they are paying for food and gas, we’ve got to make sure we show up in a relevant and compelling way,” Gass said in an interview. “The macro headwinds are going to persist.
Some retailers and industry analysts are expecting all-time high levels of price promoting for the upcoming holiday season, due to consumers cutting back on discretionary spending, fears of a recession, excess inventories and higher prices.
Gass pointed out more strength in sales of private brands, for the second quarter in a row, compared to national labels. Key private brands include Nine West, Simply Vera Vera Wang, Lauren Conrad and Sonoma. Private brands are generally cheaper and Kohl’s has more price flexibility in private brands, compared to national ones. In women’s, private brands account for 70 percent of sales. For the overall Kohl’s business, private brands account for 35 to 40 percent of the volume.
“We have acquired more than 1 million new customers since launching last August. The new customers are younger and more diverse and shop more frequently than our average customer,” Gass said.
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