Inflation draws rich shoppers looking for deals, says Kohl’s

Bloomberg

Kohl’s Corp cited financial stress on its middle-income customers as it cut its profit and sales outlook for the second straight quarter. But soaring inflation is also helping the department-store chain entice wealthier shoppers hunting for bargains.
“In our higher-income customers, we’re actually seeing more customers and they’re spending more,” CEO Michelle Gass told analysts.
Gass’s comments echoed remarks earlier this week by Walmart CEO Doug McMillon, who said families making more than $100,000 drove a lot of sales growth last quarter as they sought refuge from the highest US inflation in four decades.