Reported 4 months ago
Kohl's Corp. experienced its steepest drop in stock value ever after reporting disappointing first-quarter results and reducing its guidance for the year. The retail chain's comparable sales fell 4.4%, missing analyst estimates, despite offering significant discounts. The company attributed the decline to economic pressures on middle-income customers, despite steady spending from high-income customers. Kohl's is striving to attract customers through partnerships with brands like Sephora, but the results did not meet expectations. The disappointing results highlight consumers' current emphasis on value and selectivity in spending behavior, as seen in the performance of other retailers like Foot Locker Inc., Dollar General Inc., Best Buy Co., and Burlington Stores Inc.
Source: YAHOO