The consumer is so bad right now Kohl’s is dropping prices by 85% in order to move inventory.
Stock dropped almost 30% today. pic.twitter.com/5pd546Ha73
— QE Infinity (@StealthQE4) May 31, 2024
The midmarket department-store chain slashed its guidance for the full year after reporting first-quarter results that wildly missed on just about every metric. Comparable sales, which measure the performance of stores open at least one year, fell 4.4% in the quarter ended May 4 — the ninth consecutive decline. Analysts had expected a 1.7% drop.
Although Kohl’s offered deep discounts in the period, the company said sales of clearance items actually declined, leading to the miss on comparable sales. On the company’s website Thursday, it was hawking sales of as much as 85% off.
The stock tumbled as much as 27% in New York trading, the most on record. The shares had declined 5% this year through Wednesday, compared with a 9.7% gain for the Russell 1000 Index.
“Our customers continue to be pressured by a number of economic factors, including high interest rates and inflation,” Chief Executive Officer Tom Kingsbury said on a conference call. “While spending among our high-income customers has remained steady, our middle-income customer continues to be impacted.”
finance.yahoo.com/news/kohl-plunges-results-miss-estimates-111437585.html
The cheapest foodstuff consumed by the majority of the world, RICE, has SKYROCKETED to levels unseen in over a decade.
Absolutely brutal for the consumer.
Buckle up and start stocking up freeze dried foods along with freezing meat if one can;
Some basic foodstuffs are on a… pic.twitter.com/idi1Oeb84J
— Wall Street Silver (@WallStreetSilv) May 30, 2024