Kohl's Q1 profit disappoints; on track to open 10, remodel 50 stores in 2011

Menomonee Falls, Wis. -- Kohl’s Corp. reported Thursday that first-quarter profit fell 23% on aggressive price cuts, falling to $154 million from $201 million in the year-ago period. Results met internal expectations and goals, but missed Wall Street estimates.

Sales for the quarter ended April 28 edged up 1.9% to $4.2 billion, meeting analysts’ estimates.  Same-store sales inched up 0.2%.

According to CEO Kevin Mansell, the department store retailer is adjusting inventories and managing expense to position Kohl’s for sales improvements for the fall season, although the second-quarter profit outlook has been lowered.

Kohl’s said it is on track to open 10 more stores this fall, as well as remodel another 50 in 2012.