Kohl's Q4 Comps Drop 2 Percent
MENOMONEE FALLS, Wis.-Same-store sales for Kohl's in its fiscal fourth quarter were down 2 percent, according to a preliminary statement on the company's financial results for the quarter.
The statement said Kohl's managed a 0.8 percent gain in same-store sales for the combined November-December period. However, January sales turned up less than expected due to reduced traffic and low levels of clearance merchandise.
In addition, unanticipated costs in servicing the retailer's e-commerce platform led to higher than expected costs for the quarter, according to the statement. As a result, Kohl's has lowered its estimates for fourth-quarter earnings per share to $1.53, as opposed to the previously projected range of $1.59 to $1.74. For the year, the company now expects earnings per share to finish at about $4.03, compared to its previous forecast of from $4.08 to $4.23.
Kohl's will release its detailed fourth-quarter and fiscal-year report on Feb. 27.