Kohl’s withdraws annual sales, profit forecasts
8:12 am Thursday, November 17th, 2022
(Reuters) -Kohl’s Corp withdrew its 2022 sales and profit forecasts on Thursday, blaming an uncertain economic outlook and the departure of top boss Michelle Gass.
Shares of the department store chain fell 5% in premarket trading.
Kohl’s has struggled to attract shoppers despite steep discounts to clear excess inventory, as Americans cut back spending on apparel and other discretionary purchases amid decades-high inflation.
The company said it was not planning on repurchasing any more shares until its balance sheet is strengthened.
Its third-quarter comparable sales fell 6.9%, in line with analysts’ estimates, according to Refinitiv IBES data.
Net income fell to $97 million, or 82 cents per share, compared with $243 million, or $1.65 per share, a year earlier.
(Reporting by Deborah Sophia in Bengaluru; Editing by Devika Syamnath)
