Kohl's October same-store sales fall

MENOMONEE FALLS, Wis. - Department-store operator Kohl's Inc. said Thursday that same-store sales fell 9 percent in October, a bigger drop than analysts expected, in a weakening retail climate.

Analysts surveyed by Thomson Reuters, on average, expected same-store sales to fall a smaller 6.4 percent.

Same-store sales, or sales at stores open at least a year, are a key measure of retailer performance because they measure growth at existing stores rather than from newly opened ones.

Total sales for the four weeks ended Nov. 1 fell nearly 5 percent to $1.21 billion.

Year-to-date, same-store sales fell 6 percent, while total sales rose nearly 2 percent to $11.15 billion.

In a statement, Chief Executive Kevin Mansell said that the results show customers are focusing on "need and value" in their purchases.

He added Kohl's is managing inventory levels, gross margin and expenses to boost earnings.

Kohl's reiterated its third-quarter earnings guidance.

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