Menomonee Falls, Wis. -- Kohl's Corp. reported a lower fourth quarter profit on Thursday, hurt by markdowns during the holiday season. The loss was lower than Wall Street had expected. The retailer also forecast full-year earnings that fell short of analysts’ forecasts.
Kohl's said its net income fell to $378 million for the quarter ended Feb.2, from $455 million a year earlier. (The retail calendar for fiscal January 2013 included a fifth week, resulting in a 14-week fiscal fourth quarter and a 53-week year.)
Sales in the quarter ended Feb. 2 rose 5.4% to $6.34 billion. Same-store sales rose 1.9%.
“Sales for the fourth quarter developed very late and, as a result, came at a cost to profitability,” stated Kevin Mansell, Kohl’s chairman, president and CEO. “We were, however, able to end the quarter with levels of inventory appropriate for a strong transition to spring.”
Kohl's said it expects a full-year profit for the new fiscal year of between $4.15 and $4.45 per share, while Wall Street projected $4.56 per share.