Business

Kohl’s withdraws annual sales, profit forecasts

Kohl’s Corp (KSS.N) withdrew its 2022 sales and profit forecasts on Thursday, blaming an uncertain economic outlook and the departure of top boss Michelle Gass.

Shares of the department store chain fell 5% in premarket trading.

Kohl’s has struggled to attract shoppers despite steep discounts to clear excess inventory, as Americans cut back spending on apparel and other discretionary purchases amid decades-high inflation.

The company said it was not planning on repurchasing any more shares until its balance sheet is strengthened.

Its third-quarter comparable sales fell 6.9%, in line with analysts’ estimates, according to Refinitiv IBES data.

Net income fell to $97 million, or 82 cents per share, compared with $243 million, or $1.65 per share, a year earlier.