Feb. 23 (Bloomberg) -- Kohl’s Corp., a U.S. department- store chain, fell in early trading after projecting full-year earnings that trailed analysts’ estimates.
Kohl’s dropped 3.4 percent to $50.41 at 8:20 a.m. in New York. The shares had gained 5.8 percent this year before today.
Profit for fiscal 2012 will be $4.75 a share, the Menomonee Falls, Wisconsin-based company said today in a statement. Analysts projected $4.93 a share, the average of 19 estimates compiled by Bloomberg.
Net income for the fourth quarter decreased 7.9 percent to $455 million, from $494 million, a year earlier, Kohl’s said. On a per share basis, profit rose to $1.81 because the number of outstanding shares decreased. That compared to the $1.80 average of estimates compiled by Bloomberg.
The company projected first-quarter earnings per share of 60 cents, while analysts predicted 78 cents, on average.
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