Kohl’s (NYSE:KSS) posted its quarterly earnings figures early Tuesday, bringing in underwhelming results that included an earnings miss, as well as a lowered full-year guidance, causing KSS stock to plummet.
The Menomonee Falls, Wi.-based department retail store chain announced first-quarter adjusted earnings of 61 cents per share, which was below the 68 cents per share that Wall Street called for. The company’s revenue did come in ahead of what Wall Street projected at $4.09 billion, but still fell 2.9% year-over-year.
Kohl’s added that its same-store sales were down 3.4% when compared to its first three months of 2018, which was wider than the projected decline of 0.2%. “The year has started off slower than we’d like,” said CEO Michelle Gass. “We are actively addressing the opportunities that impacted our first quarter sales, and we have strong initiatives that will enhance our sales performance in the second half.”
The business also lowered its guidance for its fiscal 2019, as it now forecasts adjusted earnings at around $5.15 to $5.45 per diluted share, below its previous outlook that was in the range of $5.80 to $6.15 per diluted share.
Gass added that Kohl’s is “incredibly excited” about the company’s plans to roll out its Amazon returns program nationwide, as well as several upcoming brand launches and program expansions. The company announced yesterday that it had signed a long-term deal with Fanatics to sell a selection of fan gear and other merchandise on its website starting its fall.
KSS stock is down roughly 11.3% on Tuesday.
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