Kohl's Corporation reported disappointing financial results for the first quarter of fiscal 2024, leading to a significant drop in its stock price. The retailer posted a net loss of $27 million, or $0.24 per share, compared to a net income of $14 million, or $0.13 per share, in the same period last year. Net sales decreased by 5.3% year-over-year to $3.18 billion, falling short of the estimated $3.34 billion. Comparable sales were down 4.4%, and the company lowered its full-year guidance, expecting a sales decrease of 2% to 4% and adjusted EPS between $1.25 and $1.85. Gross margin as a percentage of net sales increased by 48 basis points to 39.5%. Operating income was $43 million compared to $98 million last year. Following the earnings report, Kohl's stock plummeted by 25%, marking its worst day ever. The company's management attributed the poor performance to weak store propositions, dull merchandise, and lack of value, which drove customers to other retailers.