UPDATE: Kohl's Posts Lower Q3 Profit, Cuts Outlook

Kohl's KSS reported an 18% drop in its third-quarter profit. Kohl's quarterly profit declined to $177 million, or $0.81 per share, from a year-ago profit of $215 million, or $$0.91 per share. Its revenue dropped to $4.44 billion from $4.49 billion. However, analysts were estimating earnings of $0.86 per share on revenue of $4.55 billion. Kohl's also lowered its full-year profit forecast to a range of $4.08 to $4.23 per share, versus its earlier forecast of $4.15 to $4.35 per share. It projects Q4 earnings of $1.59 to $1.74 per share. Kohl's shares dropped 9.46% to $52.75 in pre-market trading.