Kohl’s on Tuesday missed earnings expectations for the first quarter and slashed its outlook for the full year, sending its shares tumbling more than 10%.
The retailer also for the first time in two years missed same-store sales expectations.
CEO Michelle Gass said the year “started off slower than we’d like.”
Kohl’s reported adjusted earnings of 61 cents a share on sales of $4.087 billion. Analysts were calling for earnings per share of 68 cents on revenues of $3.944 billion, based on Refinitiv data.
Sales at Kohl’s stores open for at least 12 months fell 3.4%, while analysts were calling for a drop of just 0.2%.
Kohl’s said it now expects adjusted earnings per share to fall within a range of $5.15 to $5.45, compared to a prior range of $5.80 to $6.15.
Kohl’s stock was last down more than 11% in premarket trading on the news, having fallen about 1.2% over the past 12 months.
This is a developing story. Please check back for updates.
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