Kohl’s, JC Penney earnings disappoint, sparking selloff of department store stocks

Earnings

People approaching Kohl’s department store in Mount Kisco, New York.

Scott Mlyn | CNBC

Kohl’s on Tuesday reported mixed earnings for the first quarter but trimmed its outlook for the full year, sending shares tumbling more than 10%.

The retailer for the first time in two years also missed same-store sales expectations.

CEO Michelle Gass said the year “started off slower than we’d like.”

Kohl’s stock was last down more than 10.5% in premarket trading on the news, having fallen about 1.2% over the past 12 months.

This is a developing story. Please check back for updates.

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