11:47 AM EDT, 05/30/2024 (MT Newswires) -- (Updates with the latest stock price movement in the headline and the first paragraph.)

Kohl's (KSS) shares were down nearly 27% in recent Thursday trading after the company swung to a fiscal Q1 loss and cut its full-year guidance.

The retailer reported a fiscal Q1 loss of $0.24 per diluted share, compared with a profit of $0.13 per share a year earlier.

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

Net sales for the quarter ended May 4 was $3.18 billion, down from $3.36 billion a year earlier.

Analysts surveyed by Capital IQ expected $3.36 billion.

The company trimmed its fiscal 2024 EPS outlook to $1.25 to $1.85 from $2.10 to $2.70 previously.

Analysts surveyed by Capital IQ expect $2.41.

The company now expects revenue to decrease 2% to 4% for the year, compared to a previous range indicating a decline of 1% to an increase of 1%.

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

Price: 20.01, Change: -7.24, Percent Change: -26.58