The retailer Kohl’s saw its sales collapse 43.5 percent during the first quarter of 2020, according to newly released figures. The company was forced to shut down its stores during the Covid-19 crisis. The news hit the company’s share price, which dropped 3 percent before recovering at least 1 percent before the trading day began. But its adjusted earnings per share showed a loss of $3.20 on revenues of $2.16bn for the first three months of 2020. That was a far cry from the $3.82bn in made in the first quarter of last year. “We entered the year in a strong financial position and our business was tracking to our expectations prior to the onset of the crisis,” said CEO Michelle Gass in a statement. Kohl’s made a net loss of $541m for Q1, which was in stark contrast to the $62m profit it produced in 2019. Over half of the company’s 1,060 stores across the United States have reopened.
