The Kohl’s label is seen on a shopping cart in a Kohl’s department store in the Brooklyn borough of New York, U.S., January 25, 2022.
REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 21 (Reuters) - Kohl's on Tuesday posted a bigger than expected drop in quarterly sales, as customers spent less dollars at its department stores amid persistently high inflation.
Its comparable sales decreased by 5.5% in the third quarter, compared with analysts' estimate for a 3% fall, according to LSEG data.
Inventories were down 13% in the quarter, the third straight quarter of decline.
Reporting by Granth Vanaik in Bengaluru; Editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.
Persons:
Brendan McDermid, Kohl's, Granth, Milla Nissi
Organizations:
REUTERS, Thomson
Locations:
Brooklyn, New York, U.S, Falls , Wisconsin, Bengaluru