Retail giant Kohl’s Corp (NYSE: KSS) saw its shares plunge 10% during the morning trade on Tuesday after reporting lower-than-expected first-quarter earnings results, as weakness continues. The company also lowered its guidance for the full year.
Adjusted net income fell 5% to 61 cents per share, lower than 67 cents per share projected by the street. Total revenues declined by 3% to $4.09 billion, as comparable sales fell 3.6% year-over-year. Analysts were expecting revenues of $4.12 billion.
On a reported basis, earnings fell to 38 cents per share from 46 cents per share a year ago.
KSS stock has mostly traded sideways this year, and is currently down 7.4%.
The Menomonee Falls, Wisconsin-based retailer slashed its outlook for annual EPS to a range of $5.15 to $5.45, compared to its prior guidance of $5.80 to $6.15.
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CEO Michelle Gass said, “The year has started off slower than we’d like, with our first quarter sales coming in below our expectation. We are actively addressing the opportunities that impacted our first quarter sales and we have strong initiatives that will enhance our sales performance in the second half.”