Kohl’s saw same-store sales increase 3.1 percent last quarter, but like many other department stores, that wasn’t enough to please investors.
The store’s stocks dropped more than 3.5 percent between the market opening and 10:30 a.m. today, despite the report that recorded growth across the board. The company reported taking in $4.57 billion during the second quarter, up from $4.4 billion a year ago. The store earnings were up 40 percent to $292 million, or $1.76 per diluted share.
“We saw strength across the business — both our store and digital channels, all regions of the country, and our proprietary and national brands. Our Men’s and Women’s apparel businesses led the company, followed closely by Footwear,” said Kohl’s chief executive officer Michelle Gass.
Retail sales across the board have been doing particularly well in a healthy economy, with July retail sales incrasing 4.9 percent year-over-year. The National Retail Federation anticipates sales growth for the year to be 4.5 percent at minimum.
There are seven Kohl’s stores in the Dayton area and 12 near Cincinnati.