Kohl's Lifts Profit Forecast on Leaner Inventories
Reuters2024-08-28
Aug 28 (Reuters) - Kohl's raised its annual profit forecast on Wednesday, betting on leaner inventories to drive more full-price sales, even as demand for apparel and accessories remains muted.
Shares of the U.S. department store operator company were up 3.3% in premarket trade.
The company now expects diluted earnings per share in the range of $1.75 to $2.25, compared with its prior forecast of $1.25 to $1.85.
Still, the company lowered its annual net sales target. It now expects annual net sales to decline between 4% and 6%, compared with its prior forecast of a drop of between 2% and 4%.
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