Department store operator Kohl's 3Q earnings misses forecasts

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MENOMONEE FALLS, Wisconsin — Kohl's Corp. reported fiscal third-quarter results that missed Wall Street expectations as sales at its department stores fell.

Shares of the company fell 3 percent Thursday.

Kohl's sales at its stores open at least a year fell 1.8 percent in the quarter and are down 2.2 percent since the beginning of the year. Sales at stores open at least a year is a key indicator of a retailer's health. It excludes potentially distorting results from stores recently opened or closed.

The company, based in Menomonee Falls, Wisconsin, reported net income of $142 million, or 70 cents per share, in its fiscal third quarter. That was down from net income of $177 million, or 81 cents a share, a year ago.

Analysts expected earnings of 74 cents per share in the latest quarter, according to FactSet.

Revenue fell 1.6 percent to $4.37 billion in the period, which did not meet Street forecasts. Analysts expected $4.42 billion, according to Zacks.

Shares of Kohl's, which has more than 1,100 stores around the country, fell $1.91 to $56 in afternoon trading Thursday.

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Elements of this story were generated by Automated Insights using data from Zacks Investment Research. KSS stock research report from Zacks.

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Keywords:Kohl's,Earnings Report

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