Kohl's Corp. (KSS) said its expects fiscal first-quarter
earnings at the high end of its prior estimates though the
department-store operator's sales growth view declined.
The company also reported that same-store sales rose 10.2% in
April, below the 15% growth predicted by analysts polled by Thomson
Reuters.
Shares were down 2.6% at $51.95 in recent premarket trading. The
stock through Wednesday's close is down 4.9% in the past year.
Kohl's preliminary fiscal first-quarter total sales were up 3.1%
at $4.16 billion as same-store sales improved 1.3%. The company in
February forecast earnings of 68 cents to 73 cents on a per-share
basis, and total sales growth of 4% to 6%.
Kohl's--which sells midprice apparel, accessories and home
decor--has benefited in recent quarters from cost cuts and
expansion of its private-label brands. Though consumers began
spending a bit more last year, retailers are seeing pressure from
rising costs, especially in the apparel segment.
The company in February reported that its fiscal fourth-quarter
earnings rose 14% as sales and margins strengthened.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com