Kohl's profit down, sales outlook "conservative"
CHICAGO (Reuters) - Kohl's Corp (KSS.N), a mid-priced retailer of apparel and home goods, reported lower first-quarter profit on Thursday, and said its sales outlook remained conservative for the year.
Earnings dropped to $153.0 million, or 49 cents a share, from $209.0 million, or 64 cents a share, a year earlier.
Analysts, on average, looked for 44 cents a share.
Sales were up 1.5 percent to $3.62 billion, but sales at stores open at least a year fell 6.7 percent for the quarter.
Department stores have been hurt as consumers shop less at malls and as more discretionary income goes to basic items such as food.
On Wednesday, Macy's Inc (M.N) posted a loss for the quarter.
Kohl's, based in Menomonee Falls, Wisconsin, said it expects full-year earnings in the range of $2.95 to $3.15 a share. Analysts currently expect $3.11 a share, according to Reuters Estimates.
"We remain conservative in our sales expectations for the balance of the year and will manage our business accordingly," Larry Montgomery, the chairman and chief executive, said in a statement.
The company forecast a drop of 3 percent to 5 percent for the year in sales at stores open at least a year.
Kohl's shares slid to $49.39 in extended trading after closing down nearly 2 percent to $50.49 on the New York stock Exchange.
(Reporting by Brad Dorfman; editing by Jeffrey Benkoe)
