Kohl’s Corp. (NYSE: KSS) has faced an incredibly tough year so far, with its stock down nearly 25%, not to mention it’s facing the onslaught of e-commerce from sites like Amazon. Faced with the problem of adapt or die, Kohl’s is taking steps to change its format, but is it too late?
In an announcement early on Tuesday, the company said that it plans to invest in its store base and enhance the capabilities of its e-commerce fulfillment network. During the third quarter, Kohl’s will open four small format stores and its fifth e-commerce fulfillment center.
Management believes that the company is continuing to make progress on its initiatives to optimize and right-size select Kohl’s stores across the country. The company currently operates over 1,100 stores across 49 states in the United States.
Kevin Mansell, Kohl’s board chair, chief executive and president, commented:
Our stores remain at the core of our omnichannel strategy and we will continue to invest in them by opening smaller formats, rightsizing and optimizing our selling space and working to ensure that shopping in our stores is an engaging and inspiring experience for our customers. We have set a goal to be the best-in-class omnichannel retailer and opening our fifth e-commerce distribution center will support the delivery of online orders faster and more efficiently to customers nationwide.
Shares of Kohl’s were up over 1% at $37.86 Tuesday morning, with a consensus analyst price target of $41.11 and a 52-week range of $35.16 to $59.67.
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