Kohl‘s (NYSE:KSS) offered investors a mixed picture on Thursday, lowering its guidance for the full year, while predicting improved sales in the current quarter.
The company said it earned $240 million in the second quarter, down 20% from $299 million in the same period last year.
Revenue at the department store chain was $4.21 billion, down 1% from 2011, and narrowly missing the $4.22 billion Wall Street was looking for, Fox Business noted.
EPS for the quarter was $1. That beat the 96 cents a share analysts had forecast.
Company officials called the results “disappointing.” Gross margins fell from 40.7% last year, to 39%.
The chain cut its full-year earnings outlook from a prior estimate of $4.75 a share, to between $4.50 and $4.65 a share. Analysts expect earnings of about $4.64 a share for the year.
Third-quarter sales are expected to rise between 1% and 3% as the back-to-school shopping season begins. The company projects current quarter earnings of between 83 cents and 89 cents a share. Wall Street predicts that Kohl’s will earn about 87 cents a share for the current quarter.
Shares of Kohl’s slipped more than 1% in Thursday morning trading.
Yesterday, rival department store chain Macy’s (NYSE:M) reported second-quarter earnings that topped analysts’ estimates and raised its outlook for the full year.
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