Kohl’s Reports a Disappointing Holiday Season; Shares Plummet
Kohl’s shares fell about 9% on the news that its same-store sales fell 0.2% in November and December. That throws analysts’ predictions of a 0.4% same-store sales increase in the fourth quarter (which includes the holiday season) into doubt. Kohl’s cited weakness in its core women’s business as a contributing factor to its disappointing holiday season, but said it is keeping its earnings guidance the same – just aiming for the low end of the estimates.
“We are managing the business with discipline and we expect to deliver on our earnings guidance for the full year,” CEO Michelle Gass in a statement.