Kohl’s (KSS) slashes profit forecast on inflation worries; stock up 4%

2 min read | May 19, 2022 01:01 PM PDT | By Team Kalkine Media

Kohl’s (KSS) slashes profit forecast on inflation worries; stock up 4% — Image source: © Jetcityimage | Megapixl.com

Kohl’s expects sales growth in the second half

The company said that its sales figures might ascend in the second half of 2022 due to its collaboration with Sephora, the LVMH-owned beauty products retailer.

“We continue to expect our business to improve as the year progresses,” said Michelle Gass, Kohl’s CEO. “We benefit from the rollout of 400 additional Sephora stores, enhanced loyalty rewards, and further investment in our stores,” added Gass.

Sephora is a French global retailer of personal care and beauty products headquartered in Paris, France. Sephora USA, Inc. and Sephora San Francisco are its subsidiaries.

Kohl’s also saw its shares rising 2% to US$44 after it announced its ongoing discussions with several parties for a potential sale.

The retailer cuts its full-year per-share profits for adjusted earnings to between US$6.45 and US$6.85. Earlier it was from US$7.00 to US$7.50.

KSS has also lowered its annual net sales. It is now expecting it to rise by 1% compared to the previous forecast of a 2% to 3% increase.

Kohl’s (KSS) stock was up 4.36% to US$45.01 at 3:58 pm ET after the results.

Bottom line:

On May 10, 2022, Kohl’s announced a quarterly cash dividend of US$0.50 a share. The dividend will be paid next month to shareholders of record at the close of business on June 8, 2022.

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