Kohl's Posts Lower Profit

Menomonee Falls, Wis., Kohl's Corp. reported a nearly 14% drop in third-quarter net income, and cut its earnings forecast for the holiday selling season and full year.

Net income fell to $194 million for the third quarter ended Nov. 3, from $224.5 million in the year-ago period.

Total sales rose about 5% to $3.8 billion, below analysts' estimates of $3.9 billion, according to Reuters Estimates. Same-store sales fell 2.6%.