Kohl’s on Thursday again slashed its financial forecast for the year, saying its middle-income customers have been particularly pressured by higher inflation, putting a damper on sales of apparel, shoes and other discretionary items.
The retailer said shoppers are making fewer trips to stores, spending less money per transaction and opting more for Kohl’s less-expensive private brands. In-house labels have outperformed national brands for two quarters now, it said.
Chief Executive Officer Michelle Gass said in a statement that the company is adjusting its business plans and taking actions to reduce inventory and trim expenses “to account for a softer demand outlook.”
Source: CNBC
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