Kohl’s 4Q Profit Drops 15%
Menomonee Falls, Wis. Kohl's Corp. says its fourth-quarter profit fell about 15% as shoppers continued to pull back their spending.
The department store chain said Thursday it earned nearly $412 million during the quarter ending Feb. 2. By comparison, Kohl's earned $484.6 million during the same period a year ago. Sales rose just under 1% for the quarter to nearly $5.5 billion. But same-store sales fell 4%. Chief executive Larry Montgomery calls the retail environment "difficult" and says the company plans to keep its inventory and expenses low throughout the year.