Kohl’s Reports First Profit Decline in 8 Years

Kohl’s Corp., a low-price department store, said its fiscal second-quarter profit fell for the first time in eight years as the retailer cut prices on bathing suits and shorts to clear out excess merchandise.

Net income fell 9.9% to $112.1 million, or 33 cents a share, from $124.4 million, or 36 cents, a year earlier. Sales rose 15% to $2.21 billion, the Menomonee Falls, Wis., company said.

Results exceeded the 32-cent estimate of analysts surveyed by Thomson First Call. Profit last declined in the quarter ended Oct. 28, 1995, when net income fell 45% to $7.6 million.

Shares of Kohl’s fell 46 cents to $61.04 on the NYSE.