Kohl's Corp. reported a 5% drop in first-quarter profit on weak sales due to unseasonably cold weather in large parts of the United States.
Kohl's net income fell to $147 million in the quarter ended May 4, down from $154 million a year earlier.
Sales fell 1% to $4.2 billion. Comparable-store sales fell 1.9%.
“After a slow start, sales improved considerably in April as the weather finally improved in our most weather-sensitive regions,” said Kevin Mansell, Kohl's chairman, president and CEO. “Despite the lower than expected sales, we outperformed our earnings guidance as gross margin results and expense management were better than expected. Our inventory levels are consistent with our expectations."
Kohl’s ended the quarter with 1,155 stores in 49 states, compared with 1,134 stores at the same time last year. The company opened nine new stores during the first quarter of 2013 and expects to open three new stores and remodel 30 stores in the fall.