×
60 442
Fashion Jobs
MICHAEL KORS
pt Sales Supervisor
Permanent · Greater Los Angeles
NEIMAN MARCUS
Sales Manager, Handbags - Las Vegas
Permanent · Las Vegas
BLOOMINGDALE'S
Registry Consultant, Full Time - Short Hills
Permanent · Millburn
MACY'S
Asset Protection Detective, Walnut Creek Broadway Plaza - Full Time
Permanent · Walnut Creek
MACY'S
Asset Protection Detective, Valley Fair - Full Time
Permanent · Santa Clara
MACY'S
Asset Protection Detective, Valencia Town Center - Full Time
Permanent · Santa Clarita
MACY'S
Asset Protection Detective, Pentagon City - Part Time
Permanent · Arlington
MACY'S
Asset Protection Detective, Deerbrook Mall - Full Time
Permanent · Humble
MACY'S
Asset Protection Detective, Orland Square - Part Time
Permanent · Orland Park
ROSS STORES
Senior Manager, Fixture Quality
Permanent · Dublin
OLD NAVY
District Manager - Colorado South
Permanent · Lakewood
OLD NAVY
General Manager - Shops at Stonewall
Permanent · Gainesville
NORDSTROM
Assistant General Manager - Ruscello - South Coast Plaza
Permanent · Costa Mesa
MACY'S
Asset Protection Detective, South Shore Plaza - Full Time
Permanent · Braintree
TJX COMPANIES
Product Manager
Permanent · Framingham
HOMEGOODS
70118-lp Detective
Permanent · Raleigh
TJ MAXX
District Loss Prevention Manager - Los Angeles, ca
Permanent · Culver City
TJX COMPANIES
Loss Prevention Investigator (National Task Force) - Deptford, nj
Permanent · Deptford
TJ MAXX
Warehouse Supervisor
Permanent · University Park
TJX COMPANIES
Product Manager
Permanent · Framingham
TJ MAXX
Loss Prevention Detective
Permanent · Somerville
TJ MAXX
tj Maxx Loss Prevention Detective Full-Time
Permanent · Denver
By
Reuters
Published
May 19, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Kohl's cuts profit forecast, becomes latest retailer to warn of inflation pain

By
Reuters
Published
May 19, 2022

Kohl's Corp cut its full-year earnings forecast on Thursday, joining some of the largest U.S. retailers in warning that red-hot inflation is starting to erode profit margins and consumer spending power.


Reuters



Walmart Inc and Target Corp reported substantial drops in quarterly earnings this week due to surging fuel and freight costs, and warned rising prices are pushing consumers to prioritize spending.

Growing evidence of four-decades high inflation seeping into the economy sparked a sell-off in retail stocks, with Kohl's shares sinking about 14% this week.

Demand at Kohl's department stores, which dedicate most of the shelf space to products such as apparel, "considerably weakened" in April as consumers started to feel the pinch of soaring prices, Kohl's Chief Executive Michelle Gass said.

The impact of inflation is not expected to abate any time in the near future, company executives said.

The company expects sales to improve in the second half of the year as Kohl's expands its partnership with LVMH-owned beauty products retailer Sephora to more stores.

Shares of the company, which reiterated that it is in talks with multiple parties for a potential sale, rose about 2% to $44.

Kohl's net sales fell 5.2% to $3.47 billion in the first quarter. On an adjusted basis, the company earned 11 cents per share, missing estimates of 70 cents, according to Refinitiv data.

"We expected a weaker Q1 for Kohl's, but not to this extent. Inflation continues to eat into consumer wallets and we are starting to see it finally creep into consumer habits," CFRA Research analyst Zachary Warring said.

Kohl's lowered its full-year per share forecast for adjusted earnings to between $6.45 and $6.85, from $7.00 to $7.50.
The company expects annual net sales to rise as much as 1%, compared with its previous forecast of a 2% to 3% increase.

© Thomson Reuters 2022 All rights reserved.