Hot Features
Premium
Trade smarter, not harder: Unleash your inner pro with our toolkit and live discussions.
Retailer, Kohl’s Corp. (NYSE:KSS) on Thursday reported a better-than-expected fiscal second-quarter earnings, thanks to its cost cutting measures and better inventory management, which offset a 20% fall in sales.
Nevertheless, the company said that same-store-sales for the current quarter will most likely stay flat or in the best case scenario rise 2%. For the second quarter, same-store-sales fell by 2.7% as the company grappled with merchandise shortages. The company was unable to restock in-demand merchandises at the right time.
For the second quarter, Kohl’s profit stood at $240 million or $1 a share, down from $299 million or $1.08 a share in the corresponding period of last year. Wall Street analysts were expecting earnings of 96 cents a share.
Looking ahead at the current quarter, the company expects earnings in the range of 83 to 89 cents even as analysts polled by Thomson Reuters are expecting earnings of 87 cents a share.
The company also downwardly revised its full-year earnings guidance in the range of $4.50 and $4.65 from $4.75.
KSS stock was marginally higher in early trading on Thursday.
Based in Milwaukee suburb of Menomonee Falls, Wisconsin, the company currently operates 1,134 stores. Kohl’s rivals include companies such as Macy’s Inc (NYSE:M) and JC Penney Co (NYSE:JCP).
