Kohl's Slashes FY24 Outlook; Stock Down 13% - Update

(RTTNews) - While reporting financial results for the third quarter on Tuesday, department store chain Kohl's Corp. (KSS) slashed its earnings, sales growth and comp sales growth guidance for the full-year 2024.

For fiscal 2024, the company now projects earnings in a range of $1.20 to $1.50 per share on a net sales decline of 7 to 8 percent, with comparable sales decline of 6 to 7 percent.

Previously, the company expected earnings in a range of $1.75 to $2.75 per share on net sales decline of 4 to 6 percent, with comparable sales decline of 3 to 5 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.84 per share on revenue decline of 3.86 percent to $15.95 billion for the year. Analysts' estimates typically exclude special items.

"We are approaching our financial outlook for the year more conservatively given the third quarter underperformance and our expectation for a highly competitive holiday season," said Tom Kingsbury, Kohl's CEO.

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