×
172
Fashion Jobs
RJCUBE STAFFING SOLUTIONS PVT LTD
Merchandising Manager For Garments Buying House, Noida
Permanent · Noida
ADD UR CO LLP
Production Manager
Permanent · Chennai
HR CAPITAL CONSULTING
General Manager Operations- Garment Export
Permanent · National Capital Region
THE GLOBAL ZONE HR SERVICES
Production Manager/ Manufacturing/ Engineering/ Engineer/ Production
Permanent · National Capital Region
ADD UR CO LLP
Production Manager
Permanent · Chennai
ADD UR CO LLP
Logistics Manager
Permanent · Chennai
PEEPAL HR ASSOCIATES (OPC) PVT LTD
Ceo Textile Business (Please Read The jd Before Applying)
Permanent · Hyderabad
VERUSCHKA
Social Media And PR Specialist
Permanent · MUMBAI
VERUSCHKA
E-Commerce Manager
Permanent · MUMBAI
H&M
E-Commerce Commercial Manager
Permanent · NEW DELHI
H&M
Area Facility Manager
Permanent · NEW DELHI
SAROJ JALAN
Marketing Strategist
Permanent · KOLKATA
ADD UR CO LLP
Production Manager
Permanent · Chennai
THE GLOBAL ZONE HR SERVICES
Production Manager/ Supervisor/ Incharge
Permanent · Pune
PUMA
Manager - Digital Marketing
Permanent · Bengaluru
THE BANYAN HR CONSULTS
Brand Manager For Leading Women's Wear Garments CO at Coimbatore
Permanent · Coimbatore
LEVI'S
Manager, Retail Merchandising (Ebo)
Permanent · Bengaluru
GLAN MANAGEMENT CONSULTANCY
Senior Buyer Lingerie (Knits Western Wear) - Retail Brand
Permanent · GURUGRAM
JOB INDIA
Warehouse Supervisor (Apparel Industry Exp. Must) Manesar
Permanent · Gurugram
JOB INDIA
Asst. Manager E-Com Operations (Garments Retail) Gurgaon
Permanent · Faridabad
VASTRAKALA EXPORTS
Quality Manager
Permanent · CHENNAI
PUMA
Manager- Buying (Apparel)
Permanent · Bengaluru
By
Reuters
Published
Nov 14, 2013
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Kohl's cuts profit forecast as customers shop elsewhere

By
Reuters
Published
Nov 14, 2013

Department store chain Kohl's Corp cut its full-year earnings forecast after reporting lower-than-expected quarterly results as fewer customers visited its stores, leading to a surprise fall in same-store sales.

Source: Kohl's

Shares of Kohl's, which caters mainly to middle-income shoppers, fell 8.5 percent on Thursday morning amid concerns of increasing competition going into the holiday season.

The company reported a 1.6 percent drop in same-store sales in the third quarter ended Nov. 2, missing the average analyst estimate of an increase of 0.7 percent, according to Thomson Reuters I/B/E/S.

Kohl's results mirrored those of Wal-Mart Stores Inc , which reported an unexpected decline in U.S. comparable-store sales, citing a competitive retail environment.

Close rival Macy's Inc, however, reported higher-than-expected quarterly sales on Wednesday, helped by more discounts and promotions.

"With Macy's raising the top-line bar yesterday, (Kohl's) material same-store sales shortfall raises competitive concerns going into the fourth quarter," JP Morgan analyst Matthew Boss wrote in a note.

Kohl's Chief Financial Officer Wesley McDonald told analysts on a conference call that inventories at the end of October were up 2 percent from a year earlier.

Chief Executive Kevin Mansell said customer traffic was lower than expected in September, but improved at the end of October.

The company said it would increase its spending on marketing ahead of the holiday season to attract more shoppers.

Kohl's also said it would sell women's apparel and accessories brand Juicy Couture and men's apparel brand IZOD beginning fall 2014.

The company will license Juicy Couture from Authentic Brands Group and IZOD from PVH Corp.

Juicy Couture, once owned by Fifth & Pacific Cos Inc , was sold to Authentic Brands last month for $195 million.

Kohl's said it expected same-store sales to be flat to up 2 percent in the current quarter. Total sales are expected to fall 2-4 percent.

The company cut its full-year earnings forecast to $4.08-$4.23 per share from $4.15-$4.35. Analysts were expecting $4.23 per share.

"This guidance assumes continued weakness at the company," Stifel Nicolaus analyst Richard Jaffe wrote in a note.

Kohl's net income fell 18 percent to $177 million, or 81 cents per share, in the third quarter. Revenue declined 1 percent to $4.44 billion.

Analysts on average had expected profit of 86 cents per share on revenue of $4.55 billion.

Kohl's shares were down at $53.34 on Thursday on the New York Stock Exchange. The stock has risen 14 percent in the past 12 months to Wednesday's close.

© Thomson Reuters 2022 All rights reserved.