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.)
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