Kohl’s Corp.’s stock shares plummeted today after the company reported third quarter net income of $177 million, or 81 cents per share, down from $215 million, or 91 cents per share, in the same period a year ago.
The Menomonee Falls-based department store chain reported quarterly sales of $4.4 billion, down from $4.5 billion.
Kohl’s stock shares on the New York Stock Exchange dipped this morning $4.38, or 7.5 percent, after closing Wednesday at $53.88 per share.
Kevin Mansell, Kohl’s chairman, president and chief executive officer, said, “As we enter the Holiday season, we believe we are well-positioned from a merchandise content and inventory perspective to gain market share. We have increased our marketing spending and improved its impact and reach in order to drive higher traffic to our stores and on-line. Our customer will find the perfect gift for everyone on her shopping list at Kohl’s and will be excited by the value she receives in both our only-at-Kohl’s and national brands.”
Kohl’s ended the quarter with 1,158 stores in 49 states, compared with 1,146 stores at the same time last year.
The company reduced its full-year earnings estimates to the range of $4.08 to $4.23 per share.
For analysis on the status of Kohl’s as the holiday season approaches, read a Milwaukee Biz Blog by BizTimes executive editor Steve Jagler.