Kohl's had an even worse quarter than Wall Street expected with net sales plummeting nearly 10% in the aftermath of layoffs and store closures

customer walking into Kohl's (Credit: Getty Images—Justin Sullivan)

• Kohl’s had a disappointing fourth quarter, with net sales dropping nearly 10%. Earlier this year, the department store chain announced corporate layoffs and store closures. But a retail expert told Fortune the “real issue” with Kohl’s is that it lacks identity and a solid business strategy.

Even the sometimes tongue-in-cheek popularity of Kohl’s Cash hasn’t helped the department store chain the past year. Kohl’s reported disappointing earnings Tuesday that were lower than Wall Street’s expectations.