Kohl’s earnings, revenue miss expectations in Q1

Menomonee Falls, Wis. -- Kohl’s Corp. missed Wall Street expectations for profits, revenue and same-store sales during a difficult first quarter. Net income, which had been expected to rise slightly, fell 15% to $125 million, from $147 million.



In addition, net sales declined 3% to $4.07 billion from $4.2 billion, while analysts had expected them to rise to $4.22 billion. Same-store sales, also expected to increase, fell 3.4%.



In February 2014, Kohl’s said it had become over-reliant on private label brands and would seek to rebalance its assortment with more third-party brands.



“We did not achieve our first quarter sales goals, but we were encouraged by the improvement in sales as the quarter progressed,” said Kevin Mansell, chairman, president and CEO. “Our teams managed our inventory levels appropriately and expenses were controlled throughout the organization during the quarter."



Earlier this week, reports surfaced that Mansell is planning a management shake-up.



Kohl’s also extended its current credit card agreement with Capital One for an additional five years until March 31, 2023.