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Yahoo Finance – by James Callan
Shares of Kohl’s Corp. tumbled the most in about 2 1/2 years after the retailer reported quarterly sales that trailed analysts’ estimates.
Kohl’s dropped as much as 10 percent to $66.73 as of 9:30 a.m. in New York, the biggest intraday decline since November 2012. The stock was the worst performer on Standard & Poor’s 500 Index, which was up 0.7 percent.
“Sales were modestly below our original expectations for the quarter, but accelerated in the March/April combined period after a weak February,” Chief Executive Officer Kevin Mansell said in a statement on Thursday.
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Sales in the quarter ended May 2 rose 1.3 percent to $4.12 billion, the Menomonee Falls, Wisconsin-based retailer said. Analysts projected $4.19 billion, the average of estimates compiled by Bloomberg. Same-store sales advanced 1.4 percent, compared with a forecast for a gain of 2.6 percent, according to Consensus Metrix.
http://finance.yahoo.com/news/kohls-shares-tumble-sales-trail-112918350.html