Kohl’s Corp. said its second-quarter profit fell 3.8 percent Thursday, causing the retailer to miss Wall Street’s estimates and narrow its full-year guidance.
For the period ended August 3, the department store registered net income of $231 million, or $1.04 a diluted share. This compared with year-ago income of $240 million, or $1 a share.
Quarterly net sales grew 2 percent to $4.29 billion from $4.21 billion.
Analysts expected EPS of $1.05 on sales of $4.29 billion.
Despite the earnings miss, Kohl’s chairman, president and chief executive officer Kevin Mansell touted his company’s “progress.”
“Sales improved significantly over the first quarter and our gross margin improved over last year,” Mansell said. “Expenses were well-managed and we ended the quarter with inventory per store up mid-single digits while funding our e-commerce growth.”
Gross margin for the quarter improved slightly to 39.1 percent from year-ago margin of 39 percent.
For the full year, Kohl’s anticipates EPS of between $4.15 and $4.35, down from between $4.15 and $4.45 a share.
Wall Street is loooking for EPS of $4.36.