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Why Kohl's Stock Is Rising Today

By John Rosevear - May 7, 2020 at 9:47AM

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The company expects to have about 300 of its stores open by the end of next week.

What happened

Shares of Kohl's (KSS 2.54%) were rising on Thursday after the department store operator outlined its plan to reopen stores -- and said that some stores have already reopened.

As of 10:30 a.m. EDT, Kohl's shares were up about 6.1% from Wednesday's closing price.

So what

Kohl's said on Thursday morning that it reopened its stores in four states -- Arkansas, Oklahoma, South Carolina, and Utah -- on Monday, and that it will reopen stores in 10 more states next week.

Kohl's said that it has "made significant enhancements" to its procedures to help protect employees and customers from the COVID-19 virus. Those enhancements include limited store hours, dedicated shopping times for higher-risk customers, temperature checks for employees, and extra cleaning, among other changes.

A drive-up sign outside of a Kohl's store.

Many Kohl's stores will have drive-up services for customers who would prefer not to go inside. Image source: Kohl's.

Kohl's has nearly 1,200 stores; all were closed on March 19 amid the coronavirus outbreak. 

CEO Michelle Gass said in a statement that Kohl's is adjusting to a "new normal." Gass said that the company expects to have about a quarter of its stores open by next week, including many of its stores in Texas and Florida. 

Now what

Kohl's investors won't have to wait much longer for a comprehensive update from Gass and her team. The company will report its fiscal first-quarter earnings before the market opens on Tuesday, May 19.

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