Kohl's profit slides 20% on weak same-store sales

Menomonee Falls, Wis. --Kohl’s Corp. reported a 20% decline in 3Q profit, missing Wall Street estimates, as the retailer continues to be challenged by drops in store traffic and weak sales.

Kohl’s reported a profit of $142 million, down 19.8% from a reported $177 million last year, and sales dropped 1.6% to $4.37 billion from $4.44 billion. Analysts expected $4.40 billion in sales. Same-store sales fell 1.8%, compared to a 1.6% slide in the same period last year, and marking a fifth straight decline.

The year-to-date number does not look any better. Same-store sales are down 2.2% from the previous year.