Kohl's Q3 profit flat, revenue rises
Menomonee Falls, Wis. -- Kohl's Corp. reported late Wednesday it earned $194 million in the quarter ended Oct. 30, compared with nearly identical net income of $193 million in the year-ago period. The retailer cited rising costs for the flat profit performance.
Revenue rose 4.2% to $4.22 billion, just missing Wall Street expectations of $4.3 billion.
Same-store sales edged up 1.8%.
“We continue to gain market share as reflected in our performance in both comparable and total sales growth,” said Kevin Mansell, Kohl’s chairman, president and CEO.
Earlier this month, Kohl’s said its third-quarter results would come in at the low end of its guidance due to errors in its accounting for leased properties.