Kohl’s Corporation (NYSE: KSS) reported its quarterly financial results before the opening bell on Tuesday. The retailer missed earnings expectations and lowered its guidance, sending shares plummeting by 13.4% shortly before the market open.
For the quarter, Kohl’s reported earnings of USD 0.74 per share on revenue of USD 4.36 Billion. Refinitiv analysts anticipated earnings of USD 0.86 per share on revenue of USD 4.40 Billion.
Comparable sales for the quarter was 0.4%, also below analysts’ expectations of 0.8%. Kohl’s witnessed its comparable sales decline from 2.5% the same period a year ago.
Revenue during the quarter marginally slipped by 0.1% year-over-year, but net income plunged by 24% year-over-year to USD 123 Million at the end of the quarter.
“The quarter started off positive in August with another successful back-to-school season and ended strong in October,” said Michelle Gass, Kohl’s Chief Executive Officer. “We enter the holiday period with momentum and are strategically increasing our investments to take advantage of the unique opportunity to fuel growth and customer acquisition. We believe that investing in the short-term will support our strategies to drive profitable growth over the long-term.”
As for the fiscal year, Kohl’s is forecasting diluted earnings to fall between USD 4.75 per share to USD 4.95 per share, lowered from its previous expectation range between USD 5.15 per share to USD 5.45 per share.
During the quarter, Kohl’s Board of Directors declared a quarterly cash dividend of USD 0.67 per Company’s common stock. The dividend is payable on December 24, 2019 to shareholders of record at the close of December 11, 2019.