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Kohl's lowers profit forecast after sales decline
February 6, 2014 / 2:41 PM / 4 years ago

Kohl's lowers profit forecast after sales decline

A car drives by the Kohl's department store in Arvada, Colorado August 12, 2010. REUTERS/Rick Wilking

(Reuters) - Kohl’s Corp (KSS.N) on Thursday lowered its profit forecast for the fourth quarter after reporting a decline in comparable sales for the period as fewer customers visited its stores in January.

Comparable sales fell 2 percent for the quarter, despite gains in November and December, and Kohl’s said it now expects a profit of $1.53 per share, down from its own forecast of $1.59 to $1.74. Analysts were expecting a profit of $1.64 per share, according to Thomson Reuters I/B/E/S.

Kohl’s is the latest retailer to report disappointing quarterly sales. J.C. Penney reported a 2 percent rise in comparable sales for the quarter, less than Wall Street expected, and last week Wal-Mart Stores Inc (WMT.N) said it expected U.S. comparable sales to be down slightly for the quarter.

Reporting by Phil Wahba in New York; Editing by Meredith Mazzilli

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