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Shares of the Menomonee Falls, Wisconsin-based company, fell
2.4% in premarket trading.
American shoppers have continued to defer non-essential
purchases and are choosing to spend more dollars on essentials
as resumption of student loan repayments, depleting pandemic-era
savings, and higher interest rates squeeze household budgets.
Its comparable sales decreased by 5.5% in the third quarter,
compared with analysts' estimate for a 3% fall, according to
LSEG data.
However, Kohl's became the latest retailer to signal that its
efforts to cut down on inventories from the 2022 highs and have
products that are in demand going into the holiday season was
beginning to pay off.
Inventories were down 13% in the quarter, the third straight
quarter of decline.
The company also raised the lower-end of its annual profit
forecast and expected per-share earnings in the range of $2.30
to $2.70, compared with its previous forecast of $2.10 to $2.70.
(Reporting by Granth Vanaik in Bengaluru; Editing by Milla Nissi)
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