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Kohl's reports 2% jump in quarterly profits; reduces yearly earnings projections

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MENOMONEE FALLS, WI (WTAQ) - The Wisconsin-based Kohl’s Department Stores had a two percent increase in its quarterly profits – but it reduced its earlier projections for this year’s total earnings.

Kohl’s, which is based in Menomonee Falls, reports a profit of $215 million for the three months ending October 27th. Earnings totaled 91 cents a share, up from 80 cents in the same quarter of last year.

Kohl’s said its revenues increased by just over 1 percent in stores that have been open at least a year – and it reported a 3 percent jump in total revenues to almost $4.5 billion.

For the current quarter, which includes the holidays, Kohl’s said it expected a sales jump of 7 to 8 percent, and with earnings of $2.00 to $2.08 a share – less than the $2.16 that outside analysts projected earlier.

Also, Kohl’s now says it expects total earnings for the year to be 2 to 10 cents less per share than the $4.62 projected by the analysts.

Kohl’s shares fell by just over 3 percent in Thursday’s early trading. 

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