Kohl's Beats on Profits, Stock Down on Disappointing Sales Growth

Kohl's (KSS) reported first quarter profits that beat analyst estimates but missed on revenue. The department store chain reported weak sales growth and a difficult February due to bad weather. The company posted earnings of $127 million or $0.63 per share. Revenue was up from last year's numbers, coming in at $4.12 billion. Kohl's has felt the pressure from discount competitors including Macy's (M), Walmart (WMT) and Target (TGT). CEO Kevin Mansell said in a statement that 'Sales were modestly below our original expectations for the quarter, but accelerated in the March/April combined period after a weak February.' Kohl's stock was down almost 10 percent following the earnings numbers.