Kohl's Shares Plunge After Retailer Lowers Fiscal 2016 Guidance
Shares of Kohl's Corp. fell more than 10% late Wednesday after the retailer lowered its per-share earnings expectations for fiscal 2016. Kohl's said it expects fiscal 2016 diluted earnings a share to be $2.92 to $2.97, versus a previous guidance of $3.12 to $3.32 a share. Excluding impairments, store closings and other costs, fiscal 2016 diluted earnings a share are expected to be $3.60 to $3.65, down from the company's previous guidance of $3.80 to $4.00 a share. In the same statement, the company said its comparable sales were down 2.1% in fiscal November and December combined, saying holiday sales were "volatile," with "strong" Black Friday and week-before-Christmas sales offset by softness in early November and December. Shares had ended the regular session up 4.2%.
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