By Karen Roman
Kohl’s Corporation (NYSE: KSS) shares jumped 6% in early trade Wednesday as sales dropped but bullish guidance gave investors cheer.
Net sales decreased 4.2% year-over-year to $3.5 billion with comparable sales down 5.1%, while inventory declined 9%, it said.
Net income, meanwhile, was $66 million in comparison to $58 million the prior year, with diluted earnings per share of $0.59 versus $0.52 in 2023, it said in a statement.
Kohl’s raised its full year profit outlook as it reduced expenses and inventory, with diluted earnings per share now between $1.75 to $2.25, while comparable sales are expected to decrease between (3%) to (5%), it stated.
“Looking ahead, we are focused on ensuring that the substantial work that we’ve done across product, value, and experience is fully recognized by both new and existing customers,” said Tom Kingsbury, Kohl’s CEO. “We will also capitalize on new opportunities such as our partnership with Babies “R” Us and expect to continue to benefit from our key growth areas.”
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