By Aisha Al-Muslim
Kohl's Corp. (KSS) Tuesday said sales in the latest quarter missed expectations as the retailer experienced a slower start to the year.
The Menomonee Falls, Wis.-based department store reported a first-quarter profit of $62 million, or 38 cents a share, down from $75 million, or 45 cents a share, a year earlier.
Excluding impairments, store closing and other costs, adjusted earnings were 61 cents a share, above the 56 cents a share analysts polled by Refinitiv were looking for.
Net sales dropped 3.3% to $3.82 billion, below the consensus forecast of $3.94 billion. Total revenue was $4.09 billion, a 2.9% decline.
Comparable sales fell 3.4%, below the FactSet estimate of a decline of 0.1%.
For the fiscal year, the company now expects adjusted earnings per share of $5.15 to $5.45, compared with its prior guidance of $5.80 to $6.15.
The company had previous said it expects comparable sales of no change to a 2% increase.
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