Kohl's Corp. shares fell by 7.3% in premarket trading Thursday after the department store chain reported fiscal second-quarter profit that missed expectations while revenue beat, and slashed its full-year outlook as a weakening economy and high inflation weighed on its stock price. Net income fell to $143 million, or $1.11 a share, from $382 million, or $2.48 a share, in the year-ago period. The FactSet consensus was not reached by the factSet, with adjusted earnings per share of $1.11 excluding nonrecurring items. Revenue fell 8.1% $4.09 billion, higher than the FactSet consensus of $3.95 billion, while same-store sales fell 7.7% to beat expectations of an 8.1% decline. The second quarter was impacted by a weakening macro environment, high inflation and dampened consumer spending, which pressured our middle-income customers, said Michelle Gass, Chief Executive. We have adjusted our plans, implementing actions to reduce inventory and lower expenses to account for a softer demand outlook. For fiscal 2022, the company cut its guidance ranges for sales to a decline of 5% to 6% from flat to up 1%, adjusted EPS to $2.80 to $3.20 from $6.45 to $6.85 and operating margin to 4.2% to 4.5% from 7.0% to 7.2%. Kohl's said it entered into an accelerated share repurchase ASR agreement to buy back $500 million worth of the company's stock. Kohl's stock has declined 21.3% over the past three months, while the S&P 500 SPX has gained 8.9%.