Kohl’s home segment sales decreased in the first half of the year, however not as sharply as they did in the same period previous year.
In the first half of the fiscal year, which concluded on August 3, sales of Kohl’s home business decreased 7.5% to $828 million. The corporation launched an initiative to increase home décor and gifting in the fall of 2023 with the goal of increasing home sales.
That initiative started soon after Kohl’s home sales in the first half of 2023 plunged by over 26%, marking the first time since the store started disclosing segment performance in its quarterly 10-Q forms in 2017 that home sales had fallen below $1 billion.
Kohl’s second-quarter house sales for this year totaled $436 million, a 5.6% decrease from the same period last year. During the company’s quarterly results call last month, CEO Tom Kingsbury informed investors that sales of bedding, floor care products, and kitchen appliances were particularly pressured.
At the time, he declared, “We have to rebuild the bedding business.”
Kingsbury went on to say that Kohl’s intends to advance trends by stepping up innovation, launching new brands, and bolstering value marketing. He made no mention of the names of those brands or their retail debut dates.
In Q2, there were a few positive developments in the home department.
During the second quarter, sales of both seasonal and everyday décor increased by 35%. Additionally, the company saw significant increase in glassware, pet supplies, wall art, and storage. Due to major holidays including Mother’s Day, Memorial Day, and Independence Day, gift sales increased by 30%.
Regarding the overall progress the team has achieved at home, Kingsbury expressed his satisfaction. “We hope to build some growth there in the second half of the year.”
The second half of home’s performance was noticeably stronger than the first last year. During that time, Kohl’s sales of home goods totaled $1.76 billion.
