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Kohl’s Cuts Outlook as Higher Costs Ensnare Another Retailer

  • Company also saw drop in key sales metric last quarter
  • Suitors were asked to submit final bids in coming weeks
Updated on

Kohl’s Corp. slashed its profit and sales outlook, piling onto an already tough week for retail companies as inflationary pressures cut into profits.

The department-store chain now expects full-year earnings per share, excluding some items, in the range of $6.45 to $6.85, Kohl’s said in Thursday in conjunction with its first-quarter earnings release. That’s down from a February forecast of $7 to $7.50. Sales are projected to be flat to up 1% this year, compared with the prior view of 2% to 3% growth.