A disappointing sales report and an earnings warning from Kohl's ( KSS) on Thursday has left investors pondering about the future direction of the company's stock. For most retailers, a report like the one Kohl's issued Thursday would likely lead to plunging share prices. But Kohl's shares fell only slightly after its report. For the time being, investors seem to have decided that Kohl's, one of the pricier names in retail, is not like most retailers. The question is whether that assessment will change. "There are two ways to look at Kohl's," said Gary Farber, a partner with the hedge fund Nightingale & Farber. "It's still the fastest-growing name in retailing and people will say it's worth the multiple." But if people focus on the slowing same-store sales, "this will become a controversial name," he said. For now, Nightingale & Farber is staying on the sidelines. On Thursday Kohl's reported that its same-store sales, which compare results at outlets open more than one year, fell 4.1% in April. The company added that its first-quarter earnings would come in at about 32 cents a share, some 4 cents to 8 cents below its previously guided range. Given that the company trades at a fairly high multiple for a retailer -- about 24 times projected current-year earnings -- its stock might have been expected to take a tumble. But despite the disappointing report, Kohl's stock fell just $1.74, or 3.1%, to $54.76 in recent trading. The company's report was dismal, analysts seemed to agree. But for now most investors seem to have residual faith in Kohl's, they said. "It's a premium-priced stock. Nobody likes to see it when a growth company puts up numbers like this," said Emme Kozloff, who covers Kohl's for independent research company Sanford Bernstein. But she added, "There are very few stories like Kohl's in retail. That's why people are hard-pressed to write it off and overreact."