NEW YORK (AP) -- Kohl's stock tumbled more than 9 percent on Thursday as the department store operator reported a surprise decline in a key November revenue figure.
THE SPARK: Earlier in the day, Kohl's said that its revenue at stores open at least a year fell 5.6 percent in November. Analysts surveyed by Thomson Reuters expected a 1.9 percent rise in the figure.
Revenue at stores open at least a year is a key gauge of a retailer's health, because it excludes results from stores recently opened or closed and measures growth only at continuing locations.
THE ANALYSIS: Michael Exstein of Credit Suisse said in a client note that Kohl's November revenue at stores open at least a year performance fell short of his estimate. But the analyst said that Kohl's — along with companies like Target Corp., Wal-Mart Stores Inc. and Macy's Inc. — may be able to pick up some market share from J.C. Penney Co. during the holiday season as Penney's transitional period continues.
SHARE ACTION: Shares of Kohl's Corp. fell $5.24, or 10.2 percent, to $45.91 in afternoon trading. Over the last year, the stock has traded between $42.72 and $55.25. The shares are up 3 percent for the year to date.