© Reuters.
By Geoffrey Smith
Investing.com — Kohl’s Corp (NYSE:) slashed its full-year forecasts for sales and profit growth on Thursday, warning of a “considerable” slowdown in business in April after a disappointing first quarter.
“The year has started out below our expectations,” the department store chain said. “Following a strong start to the quarter…sales considerably weakened in April as we encountered macro headwinds related to lapping last year’s stimulus and an inflationary consumer environment.”
The company said it now expects little or no growth in net sales this year, having earlier forecast growth of as much as 3%.
It also cut the midpoint of its forecast range for operating margin by 25 basis points and said adjusted earnings per share will be in a range of 20c on either side of $6.65. That’s down some 12% from previous guidance of a range around $7.25 a share.
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