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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.