MILWAUKEE (AP) -- Department store chain Kohl's says second-quarter profit fell more than 12 percent as same-store sales dipped as consumers continued to pull back their spending.
The Menomonee Falls, Wis.-based company says it earned $236 million, or 77 cents per share, during the three-month period ending in August. That's down from the same period last year, when Kohl's earned $269.2 million, or 83 cents per share.
Analysts surveyed by Thomson Reuters expected earnings of 73 cents per share.
Kohl's Corp. says sales rose 3.8 percent in the quarter to $3.7 billion, on par with estimates. But same-store sales fell 4.6 percent. That's a key figure in retailing and measures sales at stores open at least a year.
The company says it has lower inventory of spring and summer merchandise, which helped profit margins.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to firstname.lastname@example.org. Please provide detailed information.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.