Kohl's Q1 sales decline 3.1 percent

REPORT_ Kohl’s Corporation has reported results for the quarter ended May 3, 2014 with sales of 4,070 million

dollars compared to 4,199 million dollars, same quarter last year, representing 3.1 percent decrease. Diluted earnings per share were down 9 percent compared to last year’s same quarter, from 0.66 dollars to 0.60 dollars.

Kevin Mansell, Kohl's Chairman, President and Chief Executive Officer, said, “We did not achieve our first quarter sales goals, but we were encouraged by the improvement in sales as the quarter progressed.”

The company expects diluted earnings per share of 4.05 dollars to 4.45 dollars for fiscal 2014, consistent with its previous guidance. On May 14, 2014, Kohl's Board of Directors declared a quarterly cash dividend on the company's common stock of 0.39 dollars per share.

Kohl’s ended the quarter with 1,160 stores in 49 states, compared with 1,155 stores at the same time last year. The company opened four new store locations, relocated one existing store and permanently closed two stores during the first quarter of 2014.