Shares of Kohl's Corporation fell more than 11% in early trading on Thursday after the company reported weak quarterly sales.
The department store retail chain reported sales on Thursday morning of $4.12 billion, up from $4.07 billion the previous quarter, but missing the estimate for $4.19 billion.
The company reported first quarter diluted earnings per share of $0.63, beating the expectation for $0.55 according to Bloomberg.
CEO Kevin Mansell said, "Sales were modestly below our original expectations for the quarter, but accelerated in the March/April combined period after a weak February. We are very pleased with our earnings results, with a more balanced promotional calendar driving merchandise margin combined with strong expense control."
Kohl's opened two new stores in the quarter, and now has 1,164 locations in 49 states.
The stock fell to around $67.55 before the market open. It's up 22% year-to-date and 36% over the past 12 months.
On Wednesday, JCPenney also reported weak sales at stores open for more than one year. It reported a loss of $167 million, or 55 cents per share, in the first quarter.
Here's a chart showing the drop in Kohl's shares on Thursday morning:
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