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Earnings Cold at Kohl's

After the stellar earnings yesterday from Macy's, Inc. (NYSE:M), the street had high hopes for the retail sector. But those hopes were quickly dashed today by the department store chain Kohl's Corporation (NYSE:KSS). The retailer reported third quarter earnings of 81 cents per share, which missed estimates by 5 cents. For example, net income decreased by 18 percent compared to same period last year. Revenue was also below street expectations at $4.4 billion. In addition, same store sales decreased in quarter by 1.6 percent. All around, everything was disappointing for Kohl’s in the third quarter. The full year earnings outlook was lowered to a range of $4.08 to $4.23 per share. As a result, shares are tumbling nearly 8 percent in early trading.