Kohl's Calls a Halt to Stock Buybacks, Could Cut Dividend
Between frightened shoppers and government bans on non-essential shopping, coronavirus has done a real number on the stocks of retailers specializing in discretionary consumer purchases these past couple of months. To help conserve cash and maintain solvency, Kohl's (NYSE: KSS) today announced a series of "business actions" aimed at preserving its "financial liquidity and financial flexibility."
First and foremost, Kohl's will "extend the duration of its temporary store closures until further notice." On the one hand, this will certainly depress revenue further at the retail giant. On the other hand, though, Kohl's plans to save at "approximately $500 million" by reducing capital expenditures during the crisis.
Image source: Getty Images.
Source Fool.com
