Consumer
Kohl’s Plunges Most on Record After Huge Miss, Guidance Cut
- Chain misses array of estimates as comparable sales fall again
- Other retail results show US shoppers staying selective
Kohl’s cited strong growth in Sephora traffic, but that it doesn’t appear to be translating into many sales outside the store-in-store locations.
Photographer: Justin Sullivan/Getty ImagesThis article is for subscribers only.
The choosy US retail customer still doesn’t want what Kohl’s Corp. is trying to sell.
The midmarket department-store chain slashed its guidance for the full year after reporting first-quarter results that wildly missed on just about every metric. Comparable sales, which measure the performance of stores open at least one year, fell 4.4% in the quarter ended May 4 — the ninth consecutive decline. Analysts had expected a 1.7% drop.