Kohl’s Corporation provided a fourth quarter update including comparable store sales results and updated guidance for its fourth quarter and fiscal year 2013.
Comparable store sales for the quarter decreased 2.0 percent. The Company was pleased with the 0.8 percent increase in its combined November and December comparable store sales.
January sales were significantly lower than planned as a result of lower traffic and low levels of clearance merchandise.
Unanticipated expenses in servicing its E-Commerce business led to higher than expected costs for the quarter. As a result of these expenses, the Company is lowering its fourth quarter diluted earnings per share estimates from $1.59 to $1.74 to approximately $1.53.
Fiscal 2013 diluted earnings per share are now expected to be approximately $4.03, compared to previous guidance of $4.08 to $4.23.
The Company will release its detailed report on the fourth quarter and full year as scheduled on February 27, 2014. Additional details on the Company’s performance and initial guidance for fiscal 2014 will be provided at that time.
Based in Menomonee Falls, Wis., Kohl’s is a family-focused, value-oriented specialty department store offering moderately priced, exclusive and national brand apparel, shoes, accessories, beauty and home products in an exciting shopping environment.