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"Our first quarter results did not meet our expectations and are not reflective of the direction we are heading with our strategic initiatives," Kohl's CEO, Kingsbury noted that Kohl's had"elevated clearance activity" during the same time in 2023, which made for a tough comparison. He also pointed to the pressure middle-income customers are facing with high interest rates and inflation.
Speaking with CNBC, Kingsbury said that poor weather during the last five weeks of the first quarter negatively impacted sales, too. As a result, customers weren't spending on seasonal merchandise or spring clothing.Per Saunders' explanation, Kohl's isn't making enough money to cover the interest payment on its debt. This means there's also less money to upgrade stores.
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