(Reuters) – Department store operator Kohl’s Corp (N:) cut its annual profit expectations on Tuesday ahead of the all-important holiday shopping season, and missed same-store sales estimates for the third quarter, sending its shares down nearly 10%.
Kohl’s said it now expects full-year adjusted earnings to be between $4.75 and $4.95 per share, compared to its previous forecast of $5.15 to $5.45.
Sales from stores open for at least a year rose 0.4% in the third quarter ended Nov. 2, while analysts on average had expected same-store sales to increase 0.76%, according to IBES data from Refinitiv.
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