Kohl's earnings top estimates, retailer raises forecast as higher foot traffic drives sales
Kohl's reported Thursday fiscal second-quarter earnings that beat analyst expectations and it raised its forecast for the year, as shoppers headed back to its stores.
The company's stock was down less than 1% on the news.
"Based on our results, we are raising our full year 2021 guidance, which positions us to achieve many of our 2023 strategic goals this year, well ahead of our plan," said CEO Michelle Gass, in a press release.
Here's how the company did for its second quarter ended July 31 compared with what analysts surveyed by Refinitiv were anticipating:
- Earnings per share: $2.48 vs. $1.21 expected
- Revenue: $4.45 billion vs. $4.02 billion expected
Net income rose to $382 million, or $2.48 per share, from $47 million, or 30 cents per share, a year earlier. The results topped the $1.21 per share expected by analysts surveyed by Refinitiv.
Revenue rose 31% to $4.45 billion, outpacing estimates of $4.02 billion.
Kohl's expects full-year earnings per share to range from $5.80 to $6.10, up from $3.80 to $4.20.
During the quarter, Kohl's repurchased $255 million of its stock. It said it plans to buy back $500 million to $700 million of its shares this year.
Shares of Kohl's are up more than 27% year to date as of Wednesday's market close, putting the retailer's market value at $8.1 billion.
This is breaking news. Please check back for updates.
Source: Read Full Article