Shares in Kohl's Corp. fell almost 10% in premarket trading on May 21 after the department store chain reported fiscal first-quarter earnings that missed analyst expectations and cut its full-year guidance.
For the quarter ended May 4, the company reported adjusted diluted EPS of 61 cents, down 5% year over year from 64 cents in 2018 and lower than the S&P Global Market Intelligence consensus normalized EPS estimate of 67 cents.
Kohl's said it now expects to deliver adjusted diluted EPS for fiscal full-year 2019 of between $5.15 to $5.45 per share, compared to its previous guidance of $5.80 and $6.15 per share.
The omnichannel retailer's adjusted net income came in at $98 million compared to $107 million in the year-ago period.
Revenue dropped 2.9% year over year to $4.09 billion compared to $4.21 billion in the year prior. Comparable sales fell 3.4% year over year.
"The year has started off slower than we'd like, with our first quarter sales coming in below our expectation. We are actively addressing the opportunities that impacted our first quarter sales and we have strong initiatives that will enhance our sales performance in the second half," said CEO Michelle Gass in a statement.
Kohl's shares fell 9.54%, or $6.00, to $56.90 in premarket trading.