Bedding, rugs and pillows as well as luggage and electrics all drove home's strength during the third quarter at Kohl's, which otherwise produced a mixed bag of mostly soft results. Worse, Kohl's is now projecting a sales decline for the fourth quarter. Net income for the third quarter declined 18% to $177 million, or $.81 earnings per share. Sales edged up 1% to $4.4 billion versus $4.5 billion, and comparable stores sales dipped 1.6% compared to last year's 1.1% comp gain. E-commerce dulled in the quarter, increasing 15%, which is lower than Kohl's historical growth rate, although the company said the pace of in line with expectations.
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