Kohl's 1Q net income rises on higher revenue

MENOMONEE FALLS, Wis. (AP) - Kohl's Corp. says its first-quarter net income rose 45 percent as shoppers spent more at its stores. It is also raising its full-year guidance.

But the new guidance was still below Wall Street's average forecast and Kohl's shares slipped 2 percent in pre-opening trading.

The retailer said its net income rose to $199 million, or 64 cents per share, in the three months ended May 1. Analysts expected earnings of 62 cents per share.

Kohl's says revenue rose 11 percent to $4.04 billion, while revenue in stores open at least one year rose 7.4 percent in the quarter.

Kohl's now expects $3.57 to $3.75 per share for the year. That is up from prior guidance of $3.40 to $3.63 per share. But analysts expect $3.77 per share.