NEW YORK (AP) — Kohl’s raised its financial outlook for the year after a solid rebound in the first quarter from the devastating impact of the pandemic. But those raised expectations fell short of what many industry analysts had been expecting and shares plunged 12% Thursday. More shoppers came back to shop in stores as COVID-19 vaccinations become more common and Kohl’s bounced back to a profit after the chain lost money last year when it was forced close its doors along with thousands of other retailers. Quarterly sales and profits topped almost all expectations, but Kohl’s said it expects net sales to increase only in the mid-to-high teens percentage range. That spooked investors.
Kohl’s roars back in Q1, but 2021 outlook spooks Wall Street
