Kohl's Posts Lower Q3 Profit, Cuts Outlook

November 14, 2008 5:09 a.m. EST

Menomonee Falls, WI (AHN) - Kohl's Corp. announced on Thursday third quarter earnings fell 17 percent on slumping revenue as same-store sales dropped 6.7 percent.

The department store posted third quarter earnings of $160.2 million or 52 cents a share, down from $194 million or 61 cents a share in the same period a year earlier. Revenue dipped 1 percent to $3.8 billion.

The earnings results were slightly better than analyst estimates for 51 cents a share, according to Thomson Reuters.

The company expects same-store sales to drop even further in the fourth quarter, falling 8 to 12 percent.

Kohl's offered a tepid outlook for the fourth quarter, lowering its earnings to a range of 90 cents to $1.05 a share. Earlier forecasts were for $1.26 to $1.34 a share. For the full year 2008, the company now expects earnings of $2.69 to $2.84 a share.

Both sets of numbers are below analyst estimates for earnings of $1.22 a share in the fourth quarter and $2.98 a share for the year.

Shares of Kohl's fell 4.8 percent in Thursday after hours trading.