Kohl’s misses quarterly sales estimates as customers cut back spending

(Reuters) – Kohl’s on Tuesday posted a bigger than expected drop in quarterly sales, as customers spent less dollars at its department stores amid persistently high inflation.

Its comparable sales decreased by 5.5% in the third quarter, compared with analysts’ estimate for a 3% fall, according to LSEG data.

(Reporting by Granth Vanaik in Bengaluru; Editing by Milla Nissi)

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