Kohl’s slashed its expectations for the year after sales slumped in the second quarter, sending shares down 9 percent at the opening bell Thursday and closing out a mixed week for retailers.
The company that owns Coach and Kate Spade also issued a sales outlook for the year that fell a bit short of Wall Street expectations, sending its shares lower on a day when broader markets bounced higher.
Kohl’s has struggled for years and spiking inflation on top of rapidly evolving patterns of consumer spending have exacerbated its problems.
Those same forces have tripped up major retailers as well. Both Target and Walmart released quarterly earnings and they too are wrestling with inflation and shifting demand….