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MENOMONEE FALLS, Wis. - Department-store operator Kohl's Corp. said Thursday that sales in stores open at least one year rose 1.4 percent in October, a smaller rise than analysts predicted.
The company also raised third-quarter guidance on the results and lower inventory and cost cuts.
Analysts surveyed by Thomson Reuters, on average, expected sales in stores open at least one year to rise 6.2 percent.
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.
The Southwest region and the home products were the strongest performers for the company.
For the quarter ended Oct. 31, sales in stores open at least one year rose 2.4 percent while total sales rose nearly 7 percent to $4.05 billion.
Year to date, sales in stores open at least one year fell 1.3 percent while total sales rose 3 percent to $11.5 billion.
Kohl's now expects third-quarter earnings of 60 cents to 61 cents per share from previous guidance of 52 cents to 54 cents per share. Analysts predict a profit of 57 cents per share.
Shares fell $1.56, or 2.8 percent, to $54.98 during morning trading.
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