Kohl’s Corp. (NYSE: KSS) reported second-quarter 2015 results before markets opened Thursday. The department store retailer reported adjusted diluted earnings per share (EPS) of $1.07 on revenues of $4.27 billion. In the second quarter of 2014, the company reported EPS of $0.66 on revenue of $4.24 billion. Second-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $1.16 and $4.31 billion in revenue. The company’s second quarter ended on August 1.

Same-store sales for the second quarter were essentially flat, up just 0.1% compared with the second quarter of 2014. Same-store sales year to date are up 0.8%, compared with a drop of 2.3% for the first six months of last year.

Adjusted earnings include a charge of $170 million related to early extinguishment of debt, of which Kohl’s recognized $131 million in the second quarter and expects to recognize an additional $39 million in the third quarter.

The company said that excluding the loss related to debt extinguishment it now expects full-year EPS “to be at the low range of its previous guidance of $4.40 to $4.60.” The current consensus estimate calls for full-year EPS of $4.51. Kohl’s did not offer guidance for the third quarter, but the consensus estimates call for EPS of $0.79 on revenues of $4.48 billion.

Kevin Mansell, Kohl’s chairman, CEO and president, said:

Our sales results were below our plan as the shift of sales in tax-free states from July into August was larger than anticipated. Our expenses were well managed for the season. Our inventory receipts are well-positioned for the back-to-school and fall seasons.

What happens if the August back-to-school “shift” doesn’t occur? Most back-to-school sales forecasts suggest that what was once retail’s second-most important shopping season has lost its appeal to consumers who can now buy school supplies anytime online. As for clothes, several years ago retailers noted a trend toward holding off on buying clothes until school started and kids, especially teenagers, got a chance to see what was hot and what was not.

Shares closed at $61.50 on Wednesday evening, up about 0.2% in a 52-week range of $53.86 to $79.60. The consensus price target on the stock is $72.05.

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