NEW YORK — Deutsche Bank on Thursday downgraded Kohl’s Corp. stock from “buy” to “hold,” citing concern over the effectiveness of its promotional strategy.

In a research note to analysts, Deutsche Bank said Kohl’s high-low promotional strategy appears to have hit a ceiling with additional promotions yielding less returns or sales than in the past, and with greater volatility. Menomonee Falls, Wis.-based Kohl’s has trained its customers to shop only for promotions, which lose their effectiveness over time, the note said. Promotions have led to greater comp volatility, while competition from retailers such as Macy’s and off-pricers like T.J. Maxx, has chipped away at the “value” position traditionally dominated by Kohl’s. The $18.4 billion retailer sells apparel, footwear, accessories, and home products to primarily middle-income customers.

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