Kohl's shares plummeted more than 25% Thursday after the company posted a surprise loss per share, coming in well below Wall Street's expectations for a slight profit.
That share slide puts the stock on pace for its biggest single-day percentage decline ever.
Here's how Kohl's did in its fiscal first quarter compared with what Wall Street was expecting, according to a survey of analysts by LSEG:
Loss per share: 24 cents vs. a profit of 4 cents expected
Revenue: $3.18 billion vs. $3.34 billion expected
Kohl's reported a net loss of $27 million, or a loss of 24 cents per share, compared with a year-ago profit of $14 million, or 13 cents per share.
Net sales decreased 5.3% to $3.18 billion compared with the year prior, with comparable sales down 4.4%.
The company also lowered its 2024 guidance. It now expects full-year net sales to decline between 2% and 4%. Wall Street analysts polled by LSEG had been expecting its 2024 sales guidance to reflect a 0.2% gain.
Kohl's expects full-year diluted earnings per share in the range of $1.25 to $1.85 — far lower than the $2.34 per share expected, according to LSEG.