The News Bee

Kohl’s shares tumble as sales disappoint

Kohl’s shares tumble as sales disappoint

Shares of Kohl’s (KSS) tumbled more than 11% in morning trading Thursday as the retailer missed sales expectations during its fiscal first quarter.AP EARNS KOHLS F A USA MA

The store chain posted a $127 million profit, or 63 cents per share, during the period, surpassing analysts’ expectations. But sales only rose 1.3% to $4.12 billion, below  the $4.19 estimate from FactSet. Kohl’s chairman Kevin Mansell said in a statement that “sales were modestly below our original expectations for the quarter, but accelerated in the March/April combined period after a week February.’’

Kohl’s continued to expand during the quarter, unveiling two more stores that boosted its portfolio to 1,164 across 49 states. “We are very pleased with our earnings results,’’ Mansell said, “with a more balanced promotional calendar driving merchandise margin combined with strong expense control.’’