UPDATE: Kohl's Posts Drop In Q4 Profit, Issues Downbeat Forecast

Kohl's Corp (NYSE: KSS) posted a drop in its fourth quarter profit.

Kohl's projects Q1 earnings of $0.60 per share and 2012 earnings of $4.75 per share. However, analysts were expecting earnings of $0.77 per share in the quarter and $4.93 per share in 2012. The company raised its dividend by 28% to $0.32 per share.

Kohl's quarterly profit declined to $455 million, or $1.81 per share, versus $494 million, or $1.66 per share, in the year-earlier period. Its sales came in at $6 billion. However, analysts were expecting earnings of $1.82 per share on revenue of $6 billion.

Kohl's shares dropped 2.28% to $51.00 in pre-market trading.