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