Kohl’s 3Q results top Street on strength in clothes business
MENOMONEE FALLS — Kohl’s Corp. fiscal third-quarter performance beat Wall Street’s view on strength across its clothing business, and the department store operator increased the low end of its full-year adjusted earnings outlook.
For the period ended Nov. 3, the chain earned $161 million, or 98 cents per share. A year ago the Menomonee Falls, Wisconsin-based company earned $117 million, or 70 cents per share.
The results were 2 cents better than what analysts surveyed by Zacks Investment Research expected.
Revenue climbed to $4.63 billion from $4.57 billion, slightly higher than the $4.62 billion Wall Street predicted.
Sales at stores open at least a year rose 2.5 percent on a shifted basis. On a fiscal basis, the figure increased 1 percent. This metric is a key gauge of a retailer’s health. This topped the 0.7 percent increase that analysts surveyed by FactSet expected.
Kohl’s Corp. said Tuesday that it now foresees full-year adjusted earnings in a range of $5.35 to $5.55 per share. Its previous outlook was for earnings of $5.15 to $5.55 per share. Analysts polled by FactSet are looking for earnings of $5.49 per share.
Shares dropped nearly 10 percent before the market open on Tuesday.