Nov. 8 (Bloomberg) -- Kohl’s Corp., the third-largest U.S. department-store chain, fell the most in more than five months after narrowing its full-year profit forecast.
Kohl’s slipped 5.1 percent to $51.55 at the close in New York for the largest one-day drop since May 31. The shares have gained 4.5 percent this year.
Full-year profit will be $4.52 to $4.60 a share, the Menomonee Falls, Wisconsin-based retailer said today in a statement. That compared with a previous projection of $4.50 to $4.65 a share. When the numbers were announced, analysts had anticipated $4.62, the average of estimates compiled by Bloomberg.
Net income in the third-quarter rose 1.9 percent to $215 million, or 91 cents a share, from $211 million, or 80 cents, a year earlier, Kohl’s said. That beat the 88-cent average of analysts’ estimates.
The retailer ended the quarter with 1,146 stores in 49 states.
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