Kohl’s Stock Falls After Missing Estimate
Kohl’s sales were up for the first quarter, but stocks took a tumble upon the news of a missed estimate.
Shares of Kohl’s Corporation fell more than 11% in early trading on Thursday after the company reported weak Q1 sales, according to Business Insider. Kohl’s sales rose to $4.12 billion, up from $4.07 billion the previous quarter, they still missed the estimate for $4.19 billion.
Kohl’s posted Q1 diluted earnings per share of $0.63, beating the expectation for $0.55 according to Bloomberg.
CEO Kevin Mansell said, “Sales were modestly below our original expectations for the quarter, but accelerated in the March/April combined period after a weak February. We are very pleased with our earnings results, with a more balanced promotional calendar driving merchandise margin combined with strong expense control.”
The stock fell to around $67.55 before the market open. It’s up 22% year-to-date and 36% over the past 12 months.
Kohl’s opened two new stores in the quarter, and now has 1,164 locations in 49 states.
