Kohl’s says final sale bids expected in coming weeks; retailer slashes outlook after earnings miss

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Customers leave a Kohl’s store on November 12, 2015 in San Rafael, California.
Justin Sullivan | Getty Images News | Getty Images

Kohl’s on Thursday said final bids to sell the business are expected in the coming weeks. The retailer also slashed its outlook for the year, with CEO Michelle Gass saying 2022 started out below her expectations.

“Sales considerably weakened in April as we encountered macro headwinds related to lapping last year’s stimulus and an inflationary consumer environment,” Gass said in a press release.

Here’s how Kohl’s did in the three-month period ended April 30 compared with what Wall Street was anticipating, according to a survey of analysts by Refinitiv:

  • Adjusted earnings per share: 11 cents vs. 70 cents expected
  • Revenue: $3.72 billion vs. $3.68 billion expected

Find the full press release from Kohl’s here.

This story is developing. Please check back for updates.

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