Kohl's cuts its annual forecast after coming up short in 2Q

Kohl's cut its forecast for the year after saying that inflation cut into sales of apparel, shoes and other discretionary items during the second quarter. The retailer said it now expects to post a sales decline of five to six percent this year, compared with its previous guidance of flat to up one percent. Earnings per share are expected to come in between $2.80 and $3.20, well below its previous forecast between $6.45 to $6.85.