Shares in department store Kohl’s Corporation(NYSE:KSS) tanked over 14% in pre-market as it reported poor Christmas sales and cut its full year earnings forecasts.
“Sales were volatile throughout the holiday season. Strong sales on Black Friday and during the week before Christmas were offset by softness in early November and December,” Kevin Mansell, Kohl’s chairman, chief executive officer and president told investors.
Sales in the last two months of the year fell 2.1%, compared with the previous year, the group said.
Kohl’s said it now expects its fiscal 2016 diluted earnings per share to be between $2.92 and $2.97 compared to its previous guidance of between $3.12 and $3.32 per diluted share.
Men’s, home and footwear lines were the strongest categories while Accessories was the most challenging, it added.
The news comes as fellow retailer Macy’s Inc (NYSE:M) shares sank after it said it will shut 68 stores and cut more than 1,000 jobs.
Comparable store sales fell by 2.1% in the last quarter.
A handful of stores have already closed down, with a further 63 to cease trading by the middle of this year which will leave it with a portfolio of around 660 shops.
Story by ProactiveInvestors