Kohl’s (NYSE:KSS) on Thursday reported holiday sales growth that paled in comparison to its results in 2017, a portent that shares could be sent tumbling.
The retailer said sales at its stores and website operating for at least 12 months, on a shifted basis, rose 1.2% over the 2018 holiday shopping season. That’s compared with growth of nearly 7% during the same time a year before.
CEO Michelle Gass said in a statement the company was pleased with reporting a "very strong holiday" on top of “last year’s exceptional holiday season.” She added the retailer saw double-digit sales growth online this past November and December.
Based on the strong Holiday sales performance, the Company now expects its fiscal 2018 diluted earnings per share to be $5.50 to $5.55, compared to its prior guidance of $5.35 to $5.55.
This guidance excludes the debt extinguishment charge of $42 million, or $0.19 per diluted share, which was recorded in the first quarter of fiscal 2018.
It also excludes other non-recurring charges the Company anticipates recording related to the voluntary debt redemption announced in December 2018 and actions to be taken in the fourth quarter as part of the Company's operational excellence initiatives.
Kohl’s prides itself on being "a leading omnichannel retailer with more than 1,100 stores in 49 states, with a commitment to inspiring and empowering families to lead fulfilled lives."
KSS shares dropped $4.33, or 6.2%, to $65.57
