Kohl’s, Like Walmart, Says Inflation Draws Rich Shoppers Looking for Deals
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Kohl’s Corp. cited financial stress on its middle-income customers as it cut its profit and sales outlook for the second straight quarter. But soaring inflation is also helping the department-store chain entice wealthier shoppers hunting for bargains.
“In our higher-income customers, we’re actually seeing more customers and they’re spending more,” Chief Executive Officer Michelle Gass told analysts Thursday, attributing the trend to the “pressure” afflicting all US consumers.