Kohl’s Q1 profit falls 5% but beats Street
Menomonee Falls, Wis. -- Kohl's Corp. reported a 5% drop in first-quarter profit on weak sales fell due to unseasonably cold weather in large parts of the United States.
Kohl's net income fell to $147 million in the quarter ended May 4, down from $154 million a year earlier.
Sales fell 1% to $4.2 billion. Comparable-store sales fell 1.9%.
“After a slow start, sales improved considerably in April as the weather finally improved in our most weather-sensitive regions,” said Kevin Mansell, Kohl's chairman, president and CEO. “Despite the lower than expected sales, we outperformed our earnings guidance as gross margin results and expense management were better than expected. Our inventory levels are consistent with our expectations."