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%.
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.
I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.