Kohl's Stock Crashes 20% on Surprise Loss and Profit Warning

Kohl's stock dropped over 20% after reporting a surprise loss in its first-quarter earnings, missing Wall Street expectations. CEO Tom Kingsbury attributed the poor performance to tough comparisons and weak sales in the last five weeks of the quarter due to poor weather. Despite efforts to attract shoppers with new merchandise and Sephora in-store shops, the company's turnaround strategy has yet to show significant results. Kohl's has lowered its 2024 guidance, citing higher interest rates and inflation as additional challenges.