Kohl’s slashed its sales and profit targets amid a sharper-than-expected pullback in consumer spending, but executives said suitors remain interested in buying the department-store chain ahead of a bid deadline.
While the first quarter started strong, company officials said, demand weakened as inflation spurred consumers to tighten their belts without the lift from last year’s government stimulus to help spending. Overall sales for the quarter fell 5.2% from a year earlier.
