Kohl's shares have fallen about 11% this week as profit warnings
from Walmart Inc and Target Corp added to fears of a slowing
U.S. economy and the scale of damage surging costs are wreaking
on retailers' margins.
"Sales considerably weakened in April as we encountered macro
headwinds related to lapping last year's stimulus and an
inflationary consumer environment," Kohl's Chief Executive
Officer Michelle Gass said.
The company, which is considering selling itself, said it
expects fiscal 2022 per share adjusted earnings of $6.45 to
$6.85, compared with its previous forecast of $7.00 to $7.50.
Kohl's said it expects fiscal 2022 net sales to rise only as
much as 1%, compared with its previous forecast of a 2% to 3%
increase.
(Reporting by Uday Sampath in Bengaluru; Editing by Shounak
Dasgupta)
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