Kohl's tanks 26% as inflation-weary shoppers pull back to sink sales, profits
Kohl’s(KSS) New York Post·2024-05-31 01:33
Kohl's stock price tanked by as much as 26% on Thursday after the department store chain posted a surprise quarterly loss on weaker consumer demand — especially among inflation-battered middle-class shoppers, the company said. The Wisconsin-based company cut its annual sales and profit forecasts as shoppers are still prioritizing essential purchases over discretionary products like apparel, electronics and home goods as they face dwindling pandemic-era savings. Discretionary spend of Kohl's middle-income cu ...