Kohl's trims 4Q forecast

Menomonee Falls, Wis. - Kohl's reduced its fourth quarter forecast, which the retailer attributed to higher expenses from its e-commerce business. Comp sales were also lower for the quarter by two percent.

While comp store sales for November and December combined increased 0.8% percent, the retailer said that January sales were significantly lower than planned because of lower traffic and low levels of clearance merchandise.

The company lowered its fourth quarter diluted earnings per share estimates from $1.59 to $1.74 to approximately $1.53. Fiscal 2013 diluted earnings per share are now expected to be approximately $4.03, compared to previous guidance of $4.08 to $4.23.

From:Home & Textiles Today