Kohl’s, the American chain of department stores, loses stake on Wall Street in the start of negotiations. The stock is down about 8%, after having communicated the downward revision of the forecasts for the full year 2022 in a context in which galloping inflation prevails. Now the company expects a drop in sales from last year between 5-6%, with the operating margin between 4.2-4.5% (the past estimate was between 7-7.2%) and with earnings per share (EPS) in the range of $ 2.80- $ 3.20, excluding any non-recurring expenses (previously between $ 6.45- $ 6.85).
“The second quarter results were impacted by the weakening macroeconomic environment, high inflation and reduced consumer spending, especially putting pressure on our customers,” said Michelle Gass, CEO of Kohl’s.