Kohl's 1Q profit drops 11 percent

[May 14, 2009]  MENOMONEE FALLS, Wis. (AP) -- Department store operator Kohl's says its fiscal first-quarter profit fell 11 percent as same-store sales dropped, but results still topped analysts' estimates.

The Menomonee Falls, Wis.-based company also lifted its profit outlook for the full year.

Kohl's Corp. earned $137 million, or 45 cents per share, down from $153 million, or 49 cents per share, in the same period last year.

Sales edged up 0.4 percent to $3.64 billion. Sales at stores open at least a year slipped 4.2 percent.

Analysts expected profit of 43 cents per share on revenue of $3.62 billion.

For the full year, Kohl's lifted its earnings-per-share forecast to a range of $2.19 to $2.42. Previously, the company projected income of $2 to $2.30 per share. Analysts predict earnings of $2.52 per share.

[Associated Press]

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