UPDATE: Kohl's Q2 Net Profit Drops 4%

Kohl's

reported a 4% drop in its second-quarter profit. Kohl's quarterly profit declined to $231 million, from $240 million, in the year-ago period. Its per-share earnings climbed to $1.04 from $1.00. Its sales increased 2% to $4.29 billion from $4.21 billion. However, analysts were estimating earnings of $1.04 per share on revenue of $4.3 billion. Kohl's projects Q3 earnings of $0.83 to $0.92 per share on sales growth of 1% to 3%. The company now expects 2013 earnings of $4.15 to $4.35 per share, versus its earlier forecast of $4.15 to $4.45 per share. Kohl's declared a quarterly dividend of $0.35 per share. Kohl's shares closed at $50.84 yesterday.