MENOMONEE FALLS, Wis. (AP) — Kohl's said Thursday that its fiscal first-quarter net income fell 15 percent, hurt by weak sales.
The results fell short of Wall Street predictions. Its shares fell in morning trading.
Kevin Mansell, Kohl's chairman, president and CEO, said that while the department store operator didn't achieve its first-quarter sales goals, he's encouraged by the improvement in sales as the quarter progressed. The company reaffirmed its previous full-year profit guidance.
For the quarter ended May 3, Kohl's earned $125 million, or 60 cents per share, down from $147 million, or 66 cents per share, in the same quarter the previous year.
Sales fell 3 percent to $4.07 billion from $4.2 billion.
Analysts, on average, expected a profit of 63 cents per share on $4.22 billion in revenue, according to FactSet.
The company's revenue at stores open at least a year — a key measure of retailer health — fell 3.4 percent.
Kevin Mansell, Kohl's chairman, president and CEO, said that while the company didn't achieve its first-quarter sales goals, he's encouraged by the improvement in sales as the quarter progressed.
For the full fiscal year, the company backed its previous full-year profit guidance of $4.05 to $4.45 per share. Analysts expect a profit of $4.31 per share.
Kohl's Corp. shares fell $1.36, or 2.5 percent, to $52.67 in morning trading. Its shares have fallen almost 5 percent so far this year.