Kohl’s cuts 2022 outlook, capping mixed week for retailers

By ANNE D’INNOCENZIO and MICHELLE CHAPMAN
AP Business Writers

Kohl’s has slashed its sales and profit expectations for the year as a result of the department store chain stepping up discounts to get rid of unwanted merchandise. Looking ahead, Kohl’s said it was reducing merchandise orders for the critical holiday period. The announcement Thursday sent Wisconsin-based Kohl’s shares down almost 8% and capped a mixed week for retailers. Kohl’s disappointing forecast is the latest indication shoppers are cutting back on clothing and other discretionary items in the face of high inflation. They’re also shifting spending priorities as they emerge from the pandemic.