Kohl's falls after Q1 results disappoint across the board

A shopper at a Kohl's store in Jersey City, NJ.
Nicole O'Hara | CNBC
A shopper at a Kohl's store in Jersey City, NJ.

Kohl's stock fell more than 9 percent Thursday after the retailer reported quarterly results that fell short of analyst expectations.

The company posted adjusted first-quarter earnings of 31 cents a share on revenue of $3.97 billion. Analysts polled by Reuters expected Kohl's to report earnings per share of 37 cents on revenue of $4.13 billion.

The retailer's revenue fall was its first in six quarters and came amid a 3.9 percent fall in same-store sales.

"First quarter sales were challenging. Despite the sales environment, we were able to manage our gross margin and inventory levels consistent with our expectations as we took the markdowns necessary to clear excess inventory. We managed our expenses effectively throughout the quarter as every area contributed to our savings versus our plan," Kevin Mansell, Kohl's chairman and CEO, said in a statement.

Kohl's had said in February it was finding it difficult to get rid of cold weather apparel from an unseasonably warm winter, raising concerns of margin pressure in its first quarter.

Shares of the company, which sells apparel brands of celebrities such as singer Jennifer Lopez and fashion designer Vera Wang, had fallen about 20 percent this year through Wednesday's close.

KSS in 2016Source: FactSet

Kohl's is only the latest retailer to see its shares get crushed after reporting quarterly results.

On Wednesday, Macy's shares plunged 15 percent after posting mixed first-quarter results, leading the SPDR Retail ETF to its worst day since 2011.

Retail sales data for April are due Friday.

— Reuters contributed to this report.