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The
company also said it will close 18 underperforming stores in
2016, which represent less than 1 percent of total sales.
Kohl's, which has 1,164 stores, expects to take a charge of
about $150 million to $170 million related to the closures and
its elimination of three senior positions, including chief
digital officer, announced this month.
Kohl's forecast earnings of $4.05 to $4.25 per share for the
year ending January 2017, largely below the average analyst
estimate of $4.24 per share, according to Thomson Reuters
I/B/E/S.
It also forecast full-year sales to fall or grow by only up to
0.5 percent.
Kohl's said this month that sales at stores open at least a year
rose 0.4 percent in the fourth quarter ended Jan. 30, and total
sales rose only 0.8 percent as unseasonably warm weather hurt
sales of cold-weather goods.
Kohl's net income fell to $296 million, or $1.58 per share in
the quarter, from $369 million, or $1.83 per share, a year
earlier.
Excluding items, the company earned $1.58 per share, beating the
average analyst estimate of $1.56 per share.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by
Shounak Dasgupta)
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