Kohl's reports dismal quarter despite turnaround efforts

Kohl's (NYSE: KSS) posted another disappointing quarter, reporting Thursday that overall sales fell 3 percent in the three months ended May 3 despite the chain's efforts to improve inventory assortment and improve store traffic.

Same-store sales, a key measure of retail performance, were down 3.4 percent. Net income dropped by 15 percent.

It was the third straight quarter of lower same-store sales for Kohl's, as the retailer seeks to shakeup management and bring about change.

"We did not achieve our first quarter sales goals, but we were encouraged by the improvement in sales as the quarter progressed," CEO, chairman and president Kevin Mansell said in a statement. "Our teams managed our inventory levels appropriately and expenses were controlled throughout the organization during the quarter." Story