Dismal Q2 for Kohl’s

New York -- It’s been a rough week for department stores.



Kohl’s Corp. joined Macy’s and Dillard’s this week in reporting disappointing earnings and weak same-store sales growth.



Kohl’s posted a profit of $130 million in the second quarter ended Aug. 1, down from $232 million in the prior-year quarter.



Earnings per share were 66 cents, compared with $1.13 in the second quarter of 2014. Excluding refinancing costs, the retailer earned $1.07 a share, which was ten cents below the average estimate of analysts.



Overall revenue inched up 0.6%, to $4.27 billion for the quarter. Same-store sales were nearly flat, at 0.1%.



Kohl’s noted that the shift in a three-day sales tax holiday to August from July in most states this year impacted its sales.



"Our sales results were below our plan as the shift of sales in tax-free states from July into August was larger than anticipated,” said Kevin Mansell, Kohl's chairman, chief executive officer and president. “Our expenses were well managed for the season. Our inventory receipts are well-positioned for the back-to-school and fall seasons."



Kohl’s ended the quarter with 1,164 stores in 49 states, compared with 1,160 stores at the same time last year.



Looking ahead, the company expects its fiscal 2015 earnings per diluted share to be at the low range of its previous guidance of $4.40 to $4.60.