×
79 324
Fashion Jobs
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Deer Park Outlet
Permanent · Deer Park
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Short Hills
Permanent · Millburn
ULTA BEAUTY, INC.
General Manager
Permanent · Buena Park
ULTA BEAUTY, INC.
Retail Operations Manager
Permanent · Lake Stevens
ULTA BEAUTY, INC.
Retail Operations Manager
Permanent · Battle Creek
ULTA BEAUTY, INC.
Retail Operations Manager
Permanent · Gambrills
URBN
Urban Outfitters, Inc. Operations Manager
Permanent · RENO
URBN
Free People Assistant Visual Manager
Permanent · OAK BROOK
ESTEE LAUDER
2nd Shift Order Handler $1500 Sign-on Bonus
Permanent · Bristol
NORDSTROM
Retail Stock & Fulfillment - Beachwood Place
Permanent · Beachwood
NORDSTROM
Assistant General Manager- Bazille- Cherry Creek Shopping Center
Permanent · Denver
NORDSTROM
Asset Protection - Agent - Cherry Creek Shopping Center
Permanent · Denver
GAP
General Manager - Suburban Square
Permanent · Ardmore
GAP
Asset Protection Service Representative - Broadway & Maiden
Permanent · New York
GAP
Asset Protection Coordinator - Sawgrass Mills
Permanent · Sunrise
MACY'S
Asset Protection Detective, Parks at Arlington - Full Time
Permanent · Arlington
MACY'S
Asset Protection Detective, Southcenter - Standard Part Time
Permanent · Seattle
MACY'S
Asset Protection Detective, Shoppes at Buckland Hills - Standard Part Time
Permanent · Hartford
MACY'S
Asset Protection Detective, Glenbrook Square Mall - Standard Part Time
Permanent · Fort Wayne
MACY'S
Asset Protection Security Guard, Los Angeles dt Broadway Plaza - Standard Part Time
Permanent · Los Angeles
MACY'S
Asset Protection Detective, Manassas - Full Time
Permanent · Manassas
MACY'S
Buyer
Permanent · New York
By
Reuters
Published
Aug 18, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Kohl's slashes 2022 forecasts as inflation squeezes demand

By
Reuters
Published
Aug 18, 2022

Kohl's Corp cut its full-year sales and profit forecasts on Thursday, squeezed by steeper discounts and higher costs amid dwindling demand for clothing and shoes in the face of high inflation, sending its shares down 5%.


Kohl's



The US department store chain joined top retailers including Target Corp and Best Buy Co to warn of a profit squeeze, as decades-high inflation has made Americans wary of opening their wallets for apparel and other discretionary goods.

The demand slump has left several retailers with bloated inventories, forcing them to offload excess stocks through steep discounts and clearance sales heading into the back-to-school season. Kohl's is offering up to 80% discount on its website.

Kohl's is taking a bigger hit as it caters to middle to low-income customers and leans toward more casual styles, which means it is unable to take advantage of resilient high-income consumers who have lifted sales of dressy clothing and high-end fashion.

Its results "reflect a middle-income customer that has become more cost-conscious... we are seeing customers make fewer shopping trips, spend less per transaction and shift towards... private brands," Chief Executive Michelle Gass said.

While inflation has hit the broader industry, analysts say Kohl's is also reeling under its own missteps in getting the right inventory, leaving it with a jumble of disjointed products in stores.

"The company has lost the plot in terms of merchandising and appears to be taking a seemingly random approach to buying... quite simply, Kohl's is headed rapidly in the wrong direction," said Neil Saunders, managing director at GlobalData.

Kohl's now expects 2022 earnings per share of $2.80 to $3.20, compared with $6.45 to $6.85 estimated previously and Refinitiv estimates of $4.06.

It projected 2022 net sales to fall between 5% and 6%, compared with its previous forecast of flat to 1% growth.

© Thomson Reuters 2022 All rights reserved.