• Q3 profit falls 18% to $177m
  • Sales down 1% to $4.44bn
  • Company trims full-year EPS guidance

US department store operator Kohl's has lowered its full-year earnings guidance after reporting an 18% decline in third-quarter net profit.

The retailer saw net income reach US$177m during the three months to 2 November, compared to $215m in the same period of last year.

Net sales edged down 1% to $4.44bn from $4.49bn in the prior year, while comparable store sales fell by 1.6%.

"As we enter the holiday season, we believe we are well-positioned from a merchandise content and inventory perspective to gain market share," said Kohl's chairman, president and CEO Kevin Mansell.

"We have increased our marketing spending and improved its impact and reach in order to drive higher traffic to our stores and online."

The company now expects full-year earnings per share to be in the range of $4.08 to $4.23, down from its earlier guidance of $4.15-4.35. It also expects fourth-quarter diluted earnings per share to be $1.59-1.74, while sales are forecast to decline 2-4% and comparable store sales to range from flat to a 2% decline.