Amazon.com Inc. parking signage will be posted outside a Kohl’s Corp. department store on Saturday, May 11, 2019. in Huntington Beach, California, USA.
Kyle Grillot | Bloomberg | Getty Images
Kohl’s said it gained at least 2 million new customers in the last year thanks to an unlikely friend it made on Amazon.
“While the details of the partnership are confidential, we will continue to find that it will be beneficial for both revenue and bottom line,” said Michelle Gass, chief executive officer, during a conference call Tuesday morning.
Kohl’s started accepting Amazon returns in 10 of its branches in spring 2017. By the summer of 2019, the Amazon returns kiosks were introduced nationwide. The hope was that the service would boost pedestrian traffic and increase sales.
A third of these new visitors were millennials, according to Kohl. The company is likely hoping it can get these new buyers to repeat visitors.
On the previous Tuesday, Kohl’s reported fourth quarter earnings and sales that exceeded analyst estimates. The company predicts stronger growth. She also reinstated her dividend, saying she plans to buy back shares.
Meanwhile, Kohl’s is also being pressured by a group of activist investors who have tried to take control of Kohl’s board of directors.
Kohl’s shares recently rose less than 1%. The stock is up 45% over the past 12 months at Monday’s close, increasing its market value to $ 8.99 billion. That’s bigger than rivals Nordstrom and Macy.