07:49 AM EDT, 05/30/2024 (MT Newswires) -- Kohl's (KSS) reported Thursday that it swung to a Q1 loss of $0.24 per diluted share, from a profit of $0.13 per share a year earlier.

Analysts polled by Capital IQ expected a GAAP profit $0.07 per share.

Total revenue for the quarter ended May 4 was $3.38 billion, down from $3.57 billion a year earlier.

Analysts surveyed by Capital IQ expected $3.36 billion.

The retailer trimmed its 2024 earnings outlook to $1.25 to $1.85 per share from $2.10 to $2.70 per share previously. Analysts surveyed by Capital IQ expect $2.41 per share. The company now expects revenue to decrease 2% to 4% for the year, compared to a decline of 1% to an increase of 1% previously.

Kohl's maintained quarterly cash dividend of $0.50 per share, payable June 26 to shareholders of record at the close of business on June 12.

Shares of the company fell by more than 21% in premarket trading.

Price: 21.48, Change: -5.77, Percent Change: -21.17