Kohl’s says final sale bids expected in coming weeks; retailer slashes full-year outlook after earnings miss

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Customers leave a Kohl’s store on November 12, 2015 in San Rafael, California.
Justin Sullivan | Getty Images News | Getty Images

Kohl’s on Thursday said final and fully-financed bids from potential buyers are expected in the coming weeks, as the retailer faces pressure from activists to sell.

Chief Executive Officer Michelle Gass said Kohl’s has been “pleased” with a number of parties.

The company also posted a massive earnings miss for the first-quarter and slashed its outlook for the year. Gass, in a press release, said that 2022 started out below her expectations.

“Sales considerably weakened in April as we encountered macro headwinds related to lapping last year’s stimulus and an inflationary consumer environment,” Gass said in a press release.

Kohl’s now expects fiscal 2022 adjusted earnings per share of $6.45 to $6.85, compared with its prior forecast of $7.00 to $7.50.

Net sales are forecast to be flat to up 1% from year-ago levels, compared with prior guidance of up 2% to 3%.

Here’s how Kohl’s did in the three-month period ended April 30, compared with what Wall Street was anticipating, according to a survey of analysts by Refinitiv:

  • Adjusted earnings per share: 11 cents vs. 70 cents expected
  • Revenue: $3.72 billion vs. $3.68 billion expected

Find the full press release from Kohl’s here.

This story is developing. Please check back for updates.

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