Kohl's has faced tepid sales growth as it struggles to attract budget-conscious shoppers still hurting from elevated inflation. In May the retail chain, which has roughly 1,100 stores around the U.S., reported a fiscal first-quarter loss of $15 million and that net sales fell more than 4% from the year-ago period.

Kohl’s Corp. shares posted a record one-day gain Tuesday, minting it as the newest meme stock, amid an influx of mentions by retail traders on social media.

Is a beaten-down retailer the newest meme stock? That's one possible explanation for today's jump in shares of Kohl's, which closed Tuesday up nearly 40%.