Kohl's extends slump after disappointing annual forecasts

Apparel retailer Kohl's KSS.N shares down 7.6% at $8.4, after tumbling 24% to a three-decade low in the previous session

Forecast on Tues bigger-than-anticipated drop in annual sales, while profit expectations also came in below estimates, according to data compiled by LSEG

Morgan Stanley says 2025 focus areas are not very different from prior ones, which may have been ineffective, and the core customer may be difficult to pull back

Brokerage adds that successful apparel retail turnarounds have historically proven difficult, more so in a challenging macro environment, and come with volatile quarterly results

There is work to be done to accomplish these goals, as evidenced by the company's FY25 outlook, which came in well below the market's already-modest expectations - Telsey Advisory Group's Dana Telsey

KSS stock has fallen about 40% YTD, including session's moves