Kohl's quarterly net sales slump nearly 44%

(Reuters) – Kohl’s Corp (KSS.N) reported a nearly 44% slump in quarterly net sales on Tuesday, as the department store chain’s stores remained shut for most of the first quarter due to the COVID-19 lockdowns.

Net sales fell to $2.16 billion from $3.82 billion a year earlier.

For the quarter ended May 2, the company reported net loss of $541 million, or $3.50 per share, compared with a profit of $62 million, or 38 cents per share, a year earlier.

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