Geoffrey Smith 

Investing.com – Kohl’s Corp (NYSE 🙂 cut its full year forecasts for profit growth and sales on Thursday. It warned of a slowdown in business after disappointing results in the first quarter.

The department store chain stated that “the year started off below our expectations.” “Following a strong start to the quarter…sales considerably weakened in April as we encountered macro headwinds related to lapping last year’s stimulus and an inflationary consumer environment.”  

According to the company, it expects no or little growth in net revenue this year, despite earlier projections of growth as high as 3%.

The forecast midpoint for its operating margin range was also reduced by 25 basis points. It said that adjusted earnings per share would be between 20c and $6.65. It’s 12% lower than its previous guidance which suggested a range of $7.25 to $7.25 per Share.