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Kohl’s Profits Dip 18% in Q3

Kohl’s Corporation announced on Thursday that its third quarter earnings saw an 18 percent dip with store sales and margins both lower than last year.

The US department store chain reported a quarterly profit of $177 million or $0.81 per share down from $215 million or $0.91 per share for Q3 in 2012, missing analysts’ expected earnings of $0.86 per share for the quarter.

Sales revenue dropped 1 percent to $4.44 billion from last year’s $4.49 billion, lower than an expected $4.55 billion.

The company cut its annual earnings per share guidance from $4.15 – $4.35 to $4.08 to $4.23 for fiscal 2013.

Despite disappointing earnings, Kevin Mansell, Kohl’s chairman, president and chief executive officer has an optimistic outlook for the near future.

“As we enter the Holiday season, we believe we are well-positioned from a merchandise content and inventory perspective to gain market share,” he said. “We have increased our marketing spending and improved its impact and reach in order to drive higher traffic to our stores and on-line.”