Shares of Kohl's Corp. plunged Thursday after the department store chain reported results for its fiscal first quarter that fell short of analysts' expectations.
The Menomonee Falls, Wis., company said its net income was $127 million, or 63 cents a share, in the three months ended May 2. That's compared to a net income of $125 million, or 60 cents a share, in the same period a year earlier.
Sales grew to $4.12 billion, up from $4.07 billion a year earlier. Still, Kohl's missed analyst expectations of $4.19 billion.
Kohl’s shares fell 13.3% to $64.62 on Thursday.
Kevin Mansell, the company's chief executive, said in a statement that sales were "modestly below our original expectations for the quarter."
But after a slow February, Mansell said, sales picked up in March and April.
"We are very pleased with our earnings results, with a more balanced promotional calendar driving merchandise margin combined with strong expense control," he said.
The results from Kohl's came a day after the U.S. Commerce Department reported that retail sales for April were flat compared to the month before as consumers opted to hold on to their savings from lower gas prices instead of going shopping.
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