Tuesday, May 21, 2019

Kohl's cuts profit forecast after weak first quarter

Kohl’s Corp cut its full-year profit forecast after the department store operator missed Wall Street estimates for quarterly same-store sales and profit, sending its shares down over 10% Tuesday morning.

Much like other U.S. retailers, Kohl’s has been bolstering its digital business to drive a turnaround as it fights to stay relevant at a time when shoppers increasingly prefer shopping online.

To get ahead of the game, Kohl’s has partnered up with Amazon.com and increased its focus on athletic apparel. Yet, Kohl’s missed same-store sales expectations in the reported quarter for the first time in two years.. . . more