Kohl’s Drops After Saying Profit Will Be at Low End of Forecast

NEW YORK, United States — Kohl's Corp., the third-largest U.S. retailer, fell in extended trading after saying annual profit will be at the lower end of its forecast, hurt by a sales slowdown toward the end of its third quarter.

Kohl’s declined as much as 6.7 percent to $54.60 in late trading after the Menomonee Falls, Wisconsin-based retailer said October sales “have been softer than the balance of the quarter.”

Full-year earnings per share will now be at the lower end of its previously given range of $4.05 to $4.45, Kohl’s said today in a statement. Analysts projected $4.29, the average of estimates compiled by Bloomberg. Kohl’s said it expects third- quarter same-store sales to decrease 1.4 percent.

The clothing and home goods retailer, whose exclusive brands include Simply Vera Vera Wang and Chaps, has had two years of double-digit profit declines. The company is hosting an investor day on Oct. 29.

By: Lauren Coleman-Lochner; editors: Nick Turner, James Callan, John Lear.