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Kohl's Q1 profit drops 11%, still beats Street

5/14/2009

Menomonee Falls, Wis. Kohl’s Corp. said Thursday its first-quarter profit fell 11% on reduced consumer spending, but its results exceeded Wall Street expectations.

Analysts expected revenue of $3.62 billion. Actual revenue for the quarter was $3.64 billion, a 0.4% increase.

The company also lifted its full-year profit outlook, as it said it continues its focus on gaining market share.

Kohl's earned $137 million, compared with $153 million a year ago.

Same-store sales dropped 4.2%.

"We achieved our goal of gaining market share through our performance in both comparable and total sales in the first quarter," president and CEO Kevin Mansell said in a statement.

Kohl's opened 19 stores in the first quarter and said it plans to open an additional 37 stores later this year.

To see complete results, click here.

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