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American retail chain operator Kohl’s Corporation downgraded its guidance for the year, following the flat earnings recorded in the first quarter of the financial year.
Source: Kohl’s
KSS is down 0.80%, while VB is up 0.54%.
Kohl’s now expects earnings per share between the range of $6.45 to $6.85, lower than the earlier announced $7.00 to $7.50. Net sales are seen to be between 0% to 1% from the previous year, lower than 2% to 3% previously.
First-quarter net income stood at $14 million, unchanged from the same quarter in the previous year. Earnings per share stood at $0.11, reflecting a 22% increase from $0.09.
Total revenues for the quarter were recorded at $3.715 billion, indicating a 4.4% decline from $3.887 billion the previous year. Net sales for the quarter fell by 5.2%, compared with the 69.5% growth in the same quarter of 2021.
Chief Executive Officer Michelle Gass said the firm opened the quarter below expectations, as sales posted a significant weakening in April due to headwinds related to inflation and the stimulus recorded in the previous year.
Gass said the company continued to expect an improvement in business as the year progresses, with growth in the second half with additional Sephora stores.
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