Kohl's Corp reported comparable store sales fell 3.2%. The mid-tier
department store operator also said Q3 earnings would come in at the
low end of its former guidance.
Total sales during September rose 5.9% to $1.33 billion from $1.25 billion. Comparable store sales declined 3.2%.
Larry Montgomery, Kohl's chairman and CEO, commented, “September sales
were affected by weak demand in weather-sensitive businesses such as
long bottoms, fleece and sweaters. We expect our third quarter earnings
to be at the low end of our previous earnings guidance of $0.67 to
$0.71 per diluted share.”
For the 35 weeks ending October 6, total sales were up 9.2% to $971
billion from $8.89 billion. On a comparable store basis, sales inched
ahead 1.3%.
On Thursday, October 3, Kohl's opened 80 stores, and will open an
additional 15 stores in mid-November. As of October 6, Kohl's now
operates 914 stores in 47 states.
