(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