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Kohl's sales and comparable-store sales both fell for the fifth
straight quarter and missed analysts estimates in the latest
three-month period ended April 29.
Kohl's and rivals such as Macy's Inc <M.N> and J.C. Penney Co
Inc <JCP.N> are struggling with declining mall traffic and tough
online competition, and are trying to cope by cutting costs
through store closures, selling or leasing their real estate and
keeping inventory levels low.
Customer traffic at Kohl's stores improved in March and April
after a weak February, Chief Executive Kevin Mansell said in a
statement.
Kohl's net income soared to $66 million in the first quarter
from $17 million a year earlier, when it recorded a $64 million
charge related to impairments and store closures.
The company said merchandise inventories fell 2.3 percent, while
selling and general expenses fell 3.3 percent in the latest
quarter.
On a per share basis, Kohl's earned a profit of 39 cents,
beating the average analyst estimate of 29 cents, according to
Thomson Reuters I/B/E/S.
Kohl's net sales dropped 3.2 percent to $3.84 billion, missing
the average analyst estimate of $3.90 billion.
Sales at stores open more than a year fell 2.7 percent, much
steeper than the 1.1 percent decline expected by analysts polled
by research firm Consensus Metrix.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Savio
D'Souza)
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