Kohl’s Corp (NYSE: KSS) sales dropped in the first quarter due to colder weather in February, states a company spokesperson. Shares fell 11.8%, down to $65.69 a share on Thursday. The department store announced same-store sales increased by 1.4% in the quarter ending on May 2nd.
Analysts pegged same-store sales to increase by 2.6%.
The company’s sales were lackluster despite the company’s new loyalty program, a boost in advertising, and an upgraded beauty department that gave analysts hope of the company’s turnaround.
The company states that port issues, weather and lower consumer spending is hurting department stores all across America. Macy’s (NYSE: M) and J.C. Penny (NYSE: JCP) are also suffering from lower sales and have had issues due to port delays and harsh weather in the month of February.
Second-quarter sales are expected to rise as Kohl’s states more people are entering their stores than in the past few years. Net income rose to $127 million, up from $125 million in the first quarter of 2014.
Net sales increased by 1.3% to $4.12 billion.
Earnings per share was 63 cents, beating expected earnings of 55 cents a share, while revenue missed expectations of $4.19 billion.
Retailers across the country have posted poor Q1 earnings.
