Net income for the third quarter was $142 million, compared to $177 million in the same period from the previous year. The drop in net income was more pronounced this year as comparable store sales for this quarter recorded a loss of 1.8%, compared to the previous year’s loss of 1.6%. The year-to-date number does not look any better. Comparable store sales are down 2.2% from the previous year, which was only down 0.9% at this time.
Kohl’s closed the quarter with 1,163 stores in 49 states, up from 1,158 stores at the same time last year. In this past quarter, the company opened stores in three new locations and reopened one store that had been previously closed in the first quarter for a complete rebuild.
Earlier this week, the board of directors declared a quarterly cash dividend of $0.39 would be payable to shareholders on December 24.
Barclays downgraded Kohl’s to a Sell rating from Equal Weight, and moved its price target down to $30 from $50, on November 10.
Shares of Kohl’s closed Wednesday up 3% at $57.91. Following the release of the earnings report, the initial response in the premarket was negative and shares were down over 3% at $56.05.
The consensus analyst price target is $59.74, and the 52-week trading range is $48.68 to $63.54. Kohl’s has a market cap of nearly $12 billion.
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