Vehicles stand in front of a Kohl’s department store in Ashland, Ky.
Luke Sharrett | Bloomberg | Getty Images
Kohls On Thursday, first quarter earnings and sales were reported beating analysts’ estimates and the outlook for the full year was raised as a year earlier had passed a period when stores had to close due to the pandemic.
Executive director Michelle Gass said the momentum had increased throughout the quarter, particularly in Kohl’s stores, where the retailer had invested in new brands and refreshing displays for active wear, womenswear and beauty.
The stock fell nearly 5% in premarket trading.
Here’s how the company performed for the quarter ended May 1, compared to analyst expectations based on a refinitive survey:
- Earnings per share: $ 1.05 adjusted versus 4 cents expected
- Revenue: $ 3.89 billion versus $ 3.48 billion expected
Kohl’s net income rose from a loss of $ 541 million, or $ 3.52 per share last year, to $ 14 million, or 9 cents per share. With no one-time adjustments, the company made $ 1.05 per share, beating expectations for 4 cents, based on a refinitive survey.
Revenue increased nearly 70% from $ 2.43 billion a year ago to $ 3.89 billion. That exceeded expectations for $ 3.48 billion.
The company announced that in-store sales more than doubled for the quarter, while digital sales were up 14% year over year. No sales figures have been published for the same store.
Kohl’s expects adjusted earnings per share between $ 3.80 and $ 4.20 for the full year, from $ 2.45 to $ 2.95 previously.
Net sales are estimated to increase in the mid to high teen percentage range compared to the previous expectation of a percentage increase in middle teenagers.
Analysts had been looking for adjusted earnings of $ 3.15 per share, with revenue up 19.3% over the year, according to Refinitiv.
This story evolves. Please try again.