NEW YORK, N.Y. – Kohl’s Corp. reported a better-than-expected profit for its first quarter, but its revenue and a key sales measure fell short of Wall Street forecasts.
The disappointing sales figures weighed on shares, sending the stock down more than 10 per cent in morning trading.
The Menomonee Falls, Wisconsin-based company reported fiscal first-quarter earnings of $127 million, or 63 cents per share. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.
But, the department store operator posted revenue of $4.12 billion in the period, which was below Street forecasts. Eight analysts surveyed by Zacks expected $4.18 billion.
Meanwhile, same-store sales rose 1.4 per cent, also missing Wall Street forecasts. Analysts surveyed by FactSet expected 2.5 per cent growth. The company cited a weak February as the culprit behind the slimmer-than-expected gain.
The company said it opened two new stores during the quarter and now operates 1,164 stores in 49 states.
Kohl’s shares dropped $7.94, or 10.6 per cent, to $66.55 in morning trading. Kohl’s shares have increased 22 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased almost 2 per cent. The stock is still up more than 22 per cent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KSS at http://www.zacks.com/ap/KSS
Keywords: Kohl’s, Earnings Report