Kohl's CEO Michelle Gass to step down, join Levi Strauss
"Second quarter results were impacted by a weakening macro environment, high inflation and dampened consumer spending, which especially pressured our middle-income customers," Gass said in its earnings report. "We have adjusted our plans, implementing actions to reduce inventory and lower expenses to account for a softer demand outlook."
Even though stores open for at least a year saw sales decline 7.7% during the quarter, Gass said the company was "pleased to deliver outsized performance in the nearly 600 stores which have been refreshed and elevated, featuring Sephora as a key cornerstone."
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