MILWAUKEE (AP) -- Kohl's says today it saw a 14 percent drop in third-quarter net income amid a challenging economy.
The Menomonee Falls-based retailer also lowered its profit expectations for the year.
Kohl's chairman and chief executive, Larry Montgomery, says the sales reflect a difficult environment. Sales were up about 5 percent to more than 3.8 billion dollars.
The company says a warmer-than-normal fall meant for slumping sales of outerwear and sweaters.
Kohl's says it plans to operate in a conservative manner, watching its inventory levels and cutting costs. But it doesn't want to hurt the shopping experience for customers.
Rival J.C. Penney reported a 9 percent drop in profits and also blamed the worsening economy.
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