Kohl's Corp.'s (KSS) same-store sales rose 1.4% in January,
falling short of analysts' views, though the department-store
operator boosted the low end of its fourth-quarter earnings
guidance.
Analysts polled by Thomson Reuters recently expected same-store
sales growth of 2.4%. The figure was also below a year earlier when
Kohl's saw 6.5% growth for the month.
Kohl's--which sells midprice apparel, accessories and home
decor--has benefited from cost cuts and its expansion of its
private label and exclusive brands.
Kohl's now expects fourth-quarter earnings of $1.65 to $1.66 a
share, compared with its prior view of $1.62 to $1.66. Total sales
for the quarter climbed 6.3% to $6.04 billion, matching the Street
estimate.
Chairman and Chief Executive Kevin Mansell said January sales
were boosted by 60% sales growth at its Internet business.
The Midwest had the strongest same-store sales growth last
month, as Northeast performance was hurt by snowstorms. Its men and
home segments had the strongest growth in the period.
Shares closed Wednesday at $50.75 and were inactive
premarket.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com