UPDATE: Kohl's Posts Drop In Q4 Earnings

Kohl's

reported a 12% drop in its fiscal fourth-quarter earnings. Kohl's posted its quarterly profit of $334 million, or $1.56 per share, versus a year-ago profit of $378 million, or $1.66 per share. Its revenue slipped 12% to $6.1 billion. Kohl's had projected earnings of $1.59 to $1.74 per share on a drop of 2% to 4% in sales. Its same-store sales also slipped 2%. For the fiscal year, Kohl's expects earnings of $4.05 to $4.45 per share on revenue growth of 0.5%-2.5%. However, analysts estimated earnings of $4.39 per share on sales growth of 2%. Kohl's shares closed at $54.44 yesterday.