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Kohl's Layoffs Signal Deeper Issues

TheMotleyFool

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Kohl's Layoffs Signal Deeper IssuesPhoto, wide shot, wide-angle lens, Grocery store, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.midjourneyapi.xyz/temp/9a6c3fc6-53ff-4c6e-848b-263660ac3eb0.png

It is easy to blame Kohl's (NYSE: KSS) problems on COVID-19. Admittedly, government stay-at-home orders and the retailer shutting its doors to the public for a time hurt recent results. In its fiscal second quarter, which ended on Aug. 1, revenue dropped by 23% to $3.4 billion.

However, taking a closer peek at past results, Kohl's sales were sluggish before the pandemic. After all, a company doesn't announce it will lay off 15% of its corporate workforce if it faces a temporary setback.

Image source: Getty Images.

Source Fool.com

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