Kohl’s cuts 2022 outlook, closing mixed week for retailers

By ANNE D’INNOCENZIO and MICHELLE CHAPMAN
AP Business Writers

Kohl’s slashed its sales and profit expectations for the year as the department store chain stepped up discounts to get rid of unwanted merchandise like clothing and home goods. Looking ahead, Kohl’s said it was reducing merchandise orders for the critical holiday period. The news, announced Thursday, sent shares down and closed out a mixed week for retailers. Kohl’s disappointing forecast offers the latest indication of shoppers, under strain from spiking costs, particularly gas and food,  who are cutting back on clothing and other discretionary items to focus on necessities.  They’re also shifting priorities as they emerge from the pandemic,  moving away from home goods and other items focusing on the home to more entertainment and other activities.