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AP Finance
Kohl’s swings to surprise loss; warns on profit for year
Kohl’s swung to a surprise fourth-quarter loss and sales slumped as the department store was forced to slash prices to get customers to buy clothing as inflation squeezed family budgets. The retailer, based in Menomonee Falls, Wisconsin, also issued an annual profit outlook Wednesday that fell below Wall Street expectations, sending shares tumbling more than 7% in premarket trading. A number of major retailers, Target, Walmart and Home Depot among them, have issued weaker financial outlooks for 2023 in a challenging economic environment for Americans.
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