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EARNINGS ROUNDUP / KOHL'S

Fifth consecutive drop in earnings

November 14, 2008|Times Wire Services

Kohl's Corp., the fourth-largest U.S. department-store chain, said profit fell for the fifth quarter in a row, and the company reduced its annual forecast. For the year, Kohl's said earnings would be, at most, $2.84 a share.

Third-quarter net income dropped 17% to $160.2 million, or 52 cents a share, from $194 million, or 61 cents, a year earlier, the Menomonee Falls, Wis.-based company said.

Kohl's beat the 51-cent average estimate of analysts surveyed by Bloomberg.

Sales fell 0.6% to $3.8 billion, Kohl's said. Same-store sales dropped 6.7% in the quarter.

Kohl's shares fell $1.20 to $29.37 after the earnings were announced. Earlier, they rose $1.70, or 5.9%, to $30.57.

Shares fell 3.9% in late trading after Kohl's said it expected fourth-quarter profit of 90 cents to $1.05 a share, compared with its previous projection of as much as $1.34.

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