October 29, 2014
Weaker than expected third quarter sales prompted Kohl’s to lower its profit forecast while noting that e-commerce sales increased 30%.
The company held an investor conference on October 29 and said third quarter sales were expected to decline 1.4% due to softer than expected sales during October. The top line weakness caused the company to confirm that profits would be at the lower end of a previously forecast range of $4.05 to $4.45 a share.
While the overall forecast for the third quarter is for a decline, the company expects the children’s category to report comparable sales increases for the quarter. Accessories, footwear and men’s are expected to report lower sales, but to outperform the company average. Meanwhile, home and women’s are expected to underperform the company average.
Kohl’s currently operates 1,163 stores in 49 states.
Source: Retailing Today
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