Kohl's cuts annual forecast, as it gets stung with inflation
By ANNE D'INNOCENZIO AP Retail Writer
NEW YORK (AP) — Kohl's Corp. cut its earnings forecast, as the department store joins a string of retailers stung with soaring inflation. The reduction followed weaker-than-expected first-quarter results.
Like many department stores, Kohl's had struggled before the pandemic, but the health crisis wielded a big blow to sales.
The company's business was rebounding as customers were going out to social events and buying dressier clothes.
But like other stores, Kohl's is grappling with supply chain issues and surging inflation that is causing pain to its business.
Moreover, shoppers are scrutinizing their purchases as they face higher costs on everything from gas to milk.