UPDATE 1-Kohl's sees Q4 profit at low end of forecast

(Adds outlook)

ATLANTA, Feb 7 (Reuters) - Retailer Kohl's Corp (KSS.N: Quote, Profile, Research, Stock Buzz) reported a worse-than-expected drop in January sales at established stores on Thursday and said fourth-quarter profit would come in at the low end of a previous forecast.

Sales at stores open at least a year fell 8.3 percent in January. Analysts on average were expecting a 7.7 percent drop, according to Reuters Estimates.

The mid-priced retailer said it now expects fourth-quarter per-share profit at the low end of a range of $1.30 to $1.34 a share. Kohl's has lowered its fourth-quarter profit forecast at least twice from an August estimate of $1.63 to $1.69 a share.

Fourth-quarter sales were up 0.7 percent to about $5.5 billion. Analysts expected $5.56 billion for the quarter, according to Reuters Estimates.

Menomonee Falls, Wisconsin-based Kohl's said total sales for the January period fell 20.4 percent to $791.4 million, hurt by an extra week in the year-earlier month. (Reporting by Karen Jacobs; Editing by Mark Porter)