Department store chain Kohl’s Corp. (KSS) reported better than expected earnings and revenues for the third quarter. The company also revised up its full-year earnings guidance to the range of $5.16 per share to $5.36 per share.
Adjusted and reported net income climbed 40% to $161 million or $0.98 per share in the third quarter from $117 million or $0.70 per share in the year-ago quarter.
The Menomonee Falls, Wisconsin-based retailer reported total revenues of $4.63 billion for the October quarter, representing a 1.3% increase from last year. Comparable sales rose 2.5%. The results came in above Wall Street estimates.
“We experienced strength across our entire apparel business, and our focus on speed to market and inventory management are driving relevancy with our customers, resulting in sales growth, margin expansion, and clean inventory levels,” said CEO Michelle Gass.
Kohl’s shares ended Monday’s trading down 2%, after gaining 30% since the beginning of the year.
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