Aug 9 (Reuters) - Kohl’s Corp reported a better-than-expected second-quarter profit despite weak sales as the department store reined in its costs.
The retailer, which competes most directly with Macy’s Inc and J.C. Penney Co Inc, forecast sales at stores open at least year would be flat to up 2 percent in the current quarter after falling 2.7 percent in the second quarter in part because of merchandise shortages.
Kohl‘s, which operates 1,134 stores, expects third-quarter earnings of 83 cents to 89 cents per share, compared with the 87 cents Wall Street analysts had been expecting, according to Thomson Reuters I/B/E/S.
Kohl’s posted a second-quarter profit of $240 million, or $1 per share, down from $299 million, or $1.08 per share, a year earlier. That beat analyst forecasts by 4 cents.