Kohl's 1Q results miss Street as spring funk hits retailers

(AP) — Kohl's first-quarter results missed analysts' estimates, weighed down by hefty costs as the department store operator's sales dropped.

Macy's Inc. slashed its profit and sales expectations for the year on Wednesday and Gap Inc. had some startling numbers and projections earlier this week.

Sales at stores open at least a year, a key gauge of a retailer's health, declined 3.9 percent.

Kevin Mansell, Kohl's chairman, president and CEO, said in a statement that Kohl's Corp. had to take some markdowns in order to clear excess inventory.