News

Kohl's slices forecast, shares take a dip

May 23, 2019

Kohl's is revamping its profit outlook after missing expectations in the first quarter of 2019, and shareholders took a hit given a 10% drop in shares.

The retailer did not meet projections on same-store sales, according to a New York Post report.

"The year has started off slower than we'd like, with our first-quarter sales coming in below our expectation," CEO Michelle Gass stated, according to the report.

Net sales dropped to $3.82 billion in the first quarter ended May 4 when industry watchers expected $3.94 billion.