reported a slightly softer-than-expected 21% jump in first-quarter earnings and affirmed its guidance for the year.
The company said it earned $124.7 million, or 36 cents a share, up from $103.1 million, or 30 cents a share, in the same quarter last year. Analysts on Wall Street were expecting earnings of 37 cents a share, according to consensus estimates reported by Thomson First Call.
Shares of Kohl's were recently down $1.09, or 2.2%, to $48.27 in after-hours trading.
"I am pleased with our performance in the first quarter on both the top and bottom line," said the company's chairman and chief executive, Larry Montgomery, in a statement. "We achieved both our targeted comparable store sales growth and net income growth for the quarter."
Looking ahead, Kohl's said it expects same-store sales, or sales at stores open for at least a year, to rise in the mid-single digits on a percentage basis for the rest of the year. On the bottom line, it reiterated its guidance for annual net income growing around 20% to a range from $2.40 to $2.50 a share.
The company's net sales for the first quarter rose 15.2% to $2.7 billion, while same-store sales rose 3.7%.
During the quarter, Kohl's opened 32 new stores bringing its total to 669 stores in 40 states.