August 20, 2019 / 11:12 AM / a month ago

Kohl's misses quarterly same-store sales estimates

Aug 20 (Reuters) - Kohl’s Corp reported a bigger-than-expected drop in quarterly same-store sales on Tuesday as the department store chain struggled to draw in customers even as it invested heavily in brand partnerships, including one with Amazon.com Inc.

Net income fell to $241 million, or $1.51 per share, in the second-quarter ended Aug. 3 from $292 million, or $1.76 per share, a year earlier.

Sales at stores open for at least a year fell 2.90%. Analysts on average were expecting a drop of 2.50%, according IBES data from Refinitiv.

Kohl’s maintained its fiscal 2019 adjusted profit forecast of a $5.15-$5.45 per share range. (Reporting by Aishwarya Venugopal in Bengaluru Editing by Tomasz Janowski)

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