Kohl’s Corporation (NYSE:KSS) earnings and sales for the latest quarter fell short of analysts’ estimates, the company reported on Tuesday. It also cut its profit outlook for the full year.
The chain, headquartered in Menomonee Falls, Wisc., reported early Tuesday net income during the period fell to $123 million, or 78 cents per share, compared with $161 million, or 98 cents a share, a year ago.
Excluding one-time items, Kohl’s earned 74 cents per share, short of expectations for 86 cents.
Net sales fell to $4.36 billion from $4.37 billion a year ago, missing expectations for $4.4 billion.
Sales at Kohl’s store open for at least 12 months and from its website were up 0.4%, short of expected growth of 0.8%.
The Company now expects adjusted annual earnings per diluted share to be $4.75 to $4.95, which excludes $0.22 per diluted share related to the extinguishment of debt and impairments, store closing and other costs recognized in the first nine months of 2019, compared to its prior guidance of $5.15 to $5.45.
To quote CEO Michelle Gass, "The quarter started off positive in August with another successful back-to-school season and ended strong in October. We enter the holiday period with momentum and are strategically increasing our investments."
Kohl’s shares, as of Monday’s market close, have fallen roughly 12% this year. The department store chain has a market cap of about $9.3 billion.
KSS shares dived $9.32, or 16%, to $49.08
