Kohl's slides as BofA downgrades on supply chain issues, drags peers

Dillard's

30/09/2021 15:48

(Updates)
    ** Shares in department store chain  KSS.N  slide 14% to
$46.15 - on track for worst session in over a year
    ** BofA analyst Lorraine Hutchinson downgrades Kohl's by two
notches to "underperform" from "buy" and slashes PT to
joint-Street-low of $48 from $75
    ** Supply chain issues could hinder Kohl's sales recovery
and offset progress it is making on women's business and benefit
of its partnership with beauty chain Sephora - analyst
    ** Hutchinson notes inventory issues in women's business
have become worse since an earnings call in mid-August
    ** KSS' top-performing active brands Nike  NKE.N , Under
Armour  UAA.N , Adidas  ADSGn.DE  and Champion  HBI.N  are
facing supply chain issues, likely hurting KSS' active division
that has offset declines in other areas - BofA
    ** Peers Macy's  M.N , Dillard's  DDS.N  and Nordstrom
 JWN.N  down 7.8% to 8.9%
    ** KSS, rated "buy" on average, up about 13% this year

 (Reporting by Praveen Paramasivam)
 ((Praveen.Paramasivam@thomsonreuters.com;))