MENOMONEE FALLS - Kohl’s Corp. on Thursday reported a
drop in sales and earnings in the first quarter but beat
analysts’ expectations, according to a company
statement.
Comparable-store sales dropped 1.9 percent for the
quarter ending May 4. Total sales dropped 1 percent to
$4.2 billion over the same period in 2012.
Net
income dropped 4 percent to $147 million, according to a
company statement, but because of share buybacks,
earnings per share rose from 63 cents to 66 cents.
Analysts had predicted earnings of 58 cents per share.
“After
a slow start, sales improved considerably in April as
the weather finally improved in our most
weather-sensitive regions,” said Kevin Mansell, Kohl’s
president, chairman and CEO. “Despite the
lower-than-expected sales, we outperformed our earnings
guidance as gross margin results and expense management
were better than expected.”
