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Kohl’s Sees Headwinds in Second Half, Leading Investors to Sell

  • Better-than-projected sales, boosted forecast fail to cheer
  • Michelle Gass took over as chief executive officer last week
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Kohl’s Corp. raised its profit forecast for the year, but that wasn’t enough to cheer investors, who sold shares after the company said it expected “headwinds” in the second half.

Unseasonable weather hurt traffic at the department-store chain in the first quarter, though as temperatures improved, business “bounced back,” helped also by a calendar shift, Chief Financial Officer Bruce Besanko said on a conference call Tuesday. And while the second quarter may also get a lift, the company expects comparable-sales headwinds in the second half of the year.