(Reuters) – Department store chain Kohl’s said on Tuesday it forecast annual sales and profit well below market expectations, joining warnings from other department store chains such as Macy’s and Nordstrom of slowing growth this year. year.
Kohl’s shares fell 1% in pre-market trading on Wall Street, despite a less marked slowdown than expected in its sales in the fourth quarter.
Over this period, the American distributor recorded a drop of 1.1% in its net turnover, to $5.71 billion, while analysts were expecting a drop of 1.3%.
Kohl’s, which is more exposed to low-income customers than its rivals, nevertheless recorded a decline in sales for the eighth consecutive quarter.
For 2024, the company forecasts annual earnings per share in a range of $2.10 and $2.70, marking a midpoint below analysts’ average estimate of $2.61 according to LSEG data.
Net sales are expected to range from a 1% decrease to a 1% increase, compared to estimates of a 0.4% decrease.
(Reporting Savyata Mishra in Bangalore; Lina Golovnya, edited by Blandine Hénault)
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