Kohl’s Corporation today provided a fourth quarter update including comparable store sales results and updated guidance for its fourth quarter and fiscal year 2013.
Comparable store sales for the quarter decreased 2%. The company was pleased with the 0.8% increase in its combined November and December comparable store sale, Kohl’s reported.
January sales were significantly lower than planned as a result of lower traffic and low levels of clearance merchandise, the store reported.
Unanticipated expenses in servicing its eCommerce business led to higher than expected costs for the quarter. As a result of these expenses, the company is lowering its fourth quarter diluted earnings per share estimates from $1.59 to $1.74 to approximately $1.53. Fiscal 2013 diluted earnings per share are now expected to be approximately $4.03, compared to previous guidance of $4.08 to $4.23, according to the company.