Amazon.com Inc. parking signage stands outside a Kohl’s Corp. department store in Huntington Beach, California, U.S., on Saturday, May 11, 2019.
Kyle Grillot | Bloomberg | Getty Images
Kohl’s said it added at least 2 million new customers last year thanks to an unlikely friend that it has found in Amazon.
“While details of the partnership are confidential, we will continue to see that this is accretive to both sales and profit,” Chief Executive Officer Michelle Gass said during a conference call Tuesday morning.
Kohl’s began accepting Amazon returns at 10 of its stores in the spring of 2017. By the summer of 2019, the Amazon returns kiosks were rolled nationwide. The hope was the service would drive foot traffic and boost sales.
According to Kohl’s, a third of these new visitors were millennials. The company likely hopes it can make these new shoppers repeat visitors.
Earlier Tuesday, Kohl’s reported fourth-quarter earnings and sales that topped analysts’ estimates. The company predicts stronger growth ahead. It also reinstated its dividend and said it plans to buy back shares.
Meanwhile, Kohl’s is also facing pressure from a group of activist investors who have attempted to seize control of Kohl’s board.
Kohl’s shares recently were up less than 1%. Its stock has gained 45% over the past 12 months, as of Monday’s market close, bringing its market value to $8.99 billion. That’s bigger than rival Nordstrom’s and Macy’s.