Kohl's profit forecast misses Wall Street estimates
Aug 15 (Reuters) - Department store chain Kohl's Corp forecast current-quarter earnings below analysts' estimates after reporting a 4 percent drop in second-quarter profit.
The company said it expects third-quarter earnings in the range of 83 cents to 92 cents per share. Analysts on average were expecting a profit of 94 cents per share, according to Thomson Reuters I/B/E/S.
Kohl's, which caters to price-sensitive middle-class shoppers, said net income fell to $231 million in the quarter ended Aug. 3, from $240 million a year earlier.
However, profit rose to $1.04 from $1.00 on a per-share basis, as the average number of shares outstanding decreased.
Comparable-store sales rose 0.9 percent but were lower than Wall Street expectations of an increase of 1.1 percent.
Overall sales rose 2 percent to $4.29 billion.
Analysts on average had expected earnings of $1.04 per share on revenue of $4.29 billion in the second quarter.
Bigger rival Wal-Mart Stores Inc posted disappointing quarterly U.S. sales on Thursday as shoppers pinched by higher payroll taxes and gas prices made fewer trips to its stores.
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