Kohl’s says it added 2 million new prospects in 2020, due to Amazon


Amazon.com Inc. parking signage stands outdoors a Kohl’s Corp. division retailer in Huntington Seaside, California, U.S., on Saturday, Might 11, 2019.

Kyle Grillot | Bloomberg | Getty Photos

Kohl’s stated it added a minimum of 2 million new prospects final 12 months due to an unlikely pal that it has present in Amazon.

“Whereas particulars of the partnership are confidential, we are going to proceed to see that that is accretive to each gross sales and revenue,” Chief Govt Officer Michelle Gass stated throughout a convention name Tuesday morning.

Kohl’s started accepting Amazon returns at 10 of its shops within the spring of 2017. By the summer time of 2019, the Amazon returns kiosks have been rolled nationwide. The hope was the service would drive foot visitors and enhance gross sales.

In accordance with Kohl’s, a 3rd of those new guests have been millennials. The corporate doubtless hopes it could possibly make these new buyers repeat guests.

Earlier Tuesday, Kohl’s reported fourth-quarter earnings and sales that topped analysts’ estimates. The corporate predicts stronger progress forward. It additionally reinstated its dividend and stated it plans to purchase again shares.

In the meantime, Kohl’s can be dealing with stress from a gaggle of activist investors who have attempted to seize control of Kohl’s board.

Kohl’s shares not too long ago have been up lower than 1%. Its inventory has gained 45% over the previous 12 months, as of Monday’s market shut, bringing its market worth to $8.99 billion. That is greater than rival Nordstrom‘s and Macy’s.