Kohl’s Corp. shares plunged -7.2% on Thursday, after the retail chain reported weaker sales growth for the holiday season compared to last year.
Kohl’s same-store sales for the November-to-December holiday period increased +1.2%, less than the year-ago period’s nearly +7%.
However, Michelle Gass, Kohl's CEO, seemed more optimistic. Gass said in a statement, "We are delighted with our 1.2% shifted comparable sales increase for the holiday period, which builds on the positive momentum we have achieved throughout the year". Also, the company raised its expectations for fiscal-year earnings to a range of $5.50-$5.55 a share, from prior projection of $5.35-$5.55 per share. Analysts surveyed by FactSet had estimated Kohl’s fiscal-year profit to be $5.51 a share.