Kohl’s shares jump after retailer reports 16% sales increase as shoppers buy clothes and makeup
Customers leave a Kohl’s store on November 12, 2015 in San Rafael, California.
Justin Sullivan | Getty Images News | Getty Images
Kohl’s on Thursday said sales rose 16% in the fiscal third quarter, as shoppers turned to its stores and website for clothes and makeup.
The department store chain also raised its forecast for the year, saying it expects to earn between $7.10 and $7.30 per share, excluding any nonrecurring charges. Previously, Kohl’s predicted earnings of $5.80 to $6.10 per share.
Shares rose more than 6% in premarket trading.
Here’s what the company reported for the third quarter ended Oct. 30, according to Refinitiv consensus estimates:
Earnings per share: $1.65 vs. 64 cents expectedRevenue: $4.6 billion vs. $4.27 billion expected
Net income rose to $243 million, or $1.65 per share, compared with a net loss of $12 million, or 8 cents per share, a year earlier. The results topped the 64 cents per share expected by analysts surveyed by Refinitiv.
Revenue rose 16% to $4.6 billion, outpacing estimates of $4.27 billion.
Same-store sales, which track sales online and at Kohl’s stores open for at least 12 months, grew 14.7% in the third quarter, outpacing the 12.5% gain that analysts expected, according to StreetAccount.
As of Wednesday’s close, Kohl’s shares are up about 39% this year. Shares closed down about 3% to $56.48 on Wednesday, bringing the company’s market share to $8.50 billion.
Read the company’s press release here.
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