Kohl’s: Downgrades earnings and sales forecasts – stock plunges

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Kohl’s Corp revised down its full-year profit and sales forecasts as the US giant is pressured by deeper discounts and higher costs it faces amid a rally in inflation.

In particular, the US department store group now expects full-year net sales to fall between 5% and 6%. The group had previously expected sales to remain flat or show a slight increase of 1%.

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Meanwhile, the company expects 2022 earnings per share to be between $2.80 and $3.20, compared to a previous estimate of $6.45 to $6.85.

Shares of Kohl’s plunge more than 7% in online trading after the company’s revised forecast.

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Source: Capital

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