US: Kohl's cuts guidance on e-commerce expenses
Kohl's lowered its fourth-quarter EPS guidance
US department store operator Kohl's has again lowered its full-year earnings forecast on the back of costs related to its e-commerce business.
In an update for the fourth quarter, Kohl's said comparable store sales dropped 2%. The company said January sales were "significantly" lower than planned as a result of lower traffic and low levels of clearance merchandise.
In addition, unanticipated expenses in servicing its e-commerce business led to higher than expected costs for the quarter.
As a result of the expenses, Kohl's has lowered its fourth-quarter diluted earnings per share estimates from $1.59 to $1.74 to around $1.53.
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