- Kohl’s reported first-quarter results on Tuesday morning that missed across the board.
- The retailer also cut its full-year adjusted-earnings-per-share guidance.
- Shares were down more than 10%.
- Watch Kohl’s trade live.
Kohl’s shares plunged more than 10% Tuesday morning after the company posted disappointing first-quarter results and cut its full-year forecast.
The retailer earned an adjusted $0.61 a share on revenue of $3.82 billion, missing the $0.67 and $3.93 billion that Wall Street analysts surveyed by Bloomberg were anticipating. Comparable sales fell 3.4% year-over-year, missing the expected 0.1% drop by a wide margin.
"The year has started off slower than we’d like, with our first quarter sales coming in below our expectation," CEO Michelle Gass said in the earnings report. "We are actively addressing the opportunities that impacted our first quarter sales and we have strong initiatives that will enhance our sales performance in the second half.
Looking ahead, Kohl’s sees full-year adjusted earnings per share of $5.15 to $5.45, well below the $6.04 estimate. It previously saw full-year adjusted EPS of $5.80 to $6.15 share.
Kohl’s was down 5.2% this year through Monday.
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Source: Business Insider – jgarber@businessinsider.com (Jonathan Garber)