Kohl's Corp KSS shares are trading lower Thursday after the company reported earnings results that were down year-over-year and cut its full-year earnings guidance.
Kohl's said first-quarter revenue decreased 4.4% to $3.71 billion, which beat the $3.68-billion estimate, according to data from Benzinga Pro. The company reported quarterly earnings of 11 cents per share, which was down from $1.05 per share year-over-year.
"The year has started out below our expectations. Following a strong start to the quarter with positive low-single digits comps through late March, sales considerably weakened in April as we encountered macro headwinds related to lapping last year's stimulus and an inflationary consumer environment," said Michelle Gass, CEO of Kohl's.
Kohl's cut its full-year earnings guidance from a range of $7 to $7.50 per share to a range of $6.45 to $6.85 per share. The retailer said it expects full-year revenue growth to be in the range of 0% to 1%.
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KSS Price Action: Kohl's shares are making new 52-week lows on Thursday.
The stock was down 7.91% at $39.70 at press time.
Photo: Mike Mozart from Flickr.
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