Shares of Kohl’s Corp.
KSS,
tumbled 7.3% in premarket trading Thursday, after the department store chain reported fiscal second-quarter profit that missed expectations while revenue beat, and slashed its full-year outlook, as a weakening economy and high inflation weighed. Net income dropped to $143 million, or $1.11 a share, from $382 million, or $2.48 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.11 missed the FactSet consensus of $1.12. Revenue fell 8.1% $4.09 billion, above the FactSet consensus of $3.95 billion, while same-store sales declined 7.7% to beat expectations of an 8.1% decline. “Second quarter results were impacted by a weakening macro environment, high inflation and dampened consumer spending, which especially pressured our middle-income customers,” said Chief Executive…
