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Reuters
Published
May 14, 2015
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Kohl's same-store sales nipped by cold February

By
Reuters
Published
May 14, 2015

Department store operator Kohl's Corp reported quarterly same-store sales that missed analysts' expectation, hurt by colder-than-usual weather in February.

Kohl's same-store sales rose 1.4 percent in the first quarter ended May 2, but widely missed analysts' expectation for a 2.6 percent rise, according to research firm Consensus Metrix.

The company reported a 3.4 percent decline in same-store sales in the year-earlier quarter.




Analysts had heightened expectations for same-store sales as a nationwide roll out of Kohl's loyalty program, upgraded beauty departments and more online and TV advertising were seen boosting results in the latest quarter.

"Weather, port issues, and weak consumer spending overall is the department store theme in Q1 - despite a plan to recover traffic, it does not appear that KSS escaped the trend," Evercore ISI analyst Matt McGinley wrote in a note.

Rival Macy's Inc said on Wednesday that first-quarter profit and sales were hurt by fewer customer visits due to unusually cold weather in February, disruptions at West Coast ports and lower foreign tourist spending in the United States.

Kohl's net income rose to 127 million dollars, from 125 million dollars one year earlier.

Net sales, meanwhile, rose by 1.3 percent to 4.12 billion dollars.

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