Kohl’s Corporation's total sales for the four-week month ended Oct. 30 declined 1.0% from the same period a year earlier on a 2.5% decline in comp store sales, the department store reported.
The company expects third quarter earnings per diluted share of 57 to 58 cents, consistent with the low end of its previous guidance of 57 – 63 cents per diluted share. Included in this guidance is an accounting correction resulting from recently identified errors in the company’s accounting for leased properties. As a result of a detailed review of its historical accounting, the company expects to record adjustments to depreciation, interest and rent expense during the third quarter. Though the company has not completed its review, it currently expects a correction of up to $25 million, or 5 cents per diluted share. The errors occurred over a number of years and are not material to any previously reported period