Kohl’s Corp. posted a drop in net income and sales for the fourth quarter and 2016 as a whole, topping off a year of struggle for the retailer.
Net income for the quarter fell 15 percent to $252 million, or $1.44 a diluted share, as sales declined 2.8 percent to $6.21 billion.
Profits for the full year decline 14 percent to $673 million, or $3.11 a diluted share, as sales dipped 2.7 percent to $18.69 billion as 19 stores were shuttered.
Kohl’s chairman, president and chief executive officer Kevin Mansell cited a now typical ill of retailers — slower store traffic.
But he said the slowdown was “offset somewhat” by demand online.
“In 2017, we will accelerate our focus on becoming the destination for active and wellness with the launch of Under Armour in early March,” Mansell said. “We will also extend our efforts on improving our speed to market across all of our proprietary brands into all apparel areas and home.”
The company expects 2017 to be a year of sluggish sales, and set its guidance for the year with sales down another 1.3 percent and earnings per share to be between $3.50 and $3.80 for the fiscal year.