- Comparable sales were positive for a fourth straight quarter.
- The retailer raised its guidance, but missed the consensus estimate.
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Kohl's beats, but guidance comes up short (KSS)
Kohl's beat on both the top and bottom lines and comparable sales were positive for a fourth straight quarter, but shares slumped as guidance came up a bit short.
Kohl's reported second-quarter results on Tuesday that outpaced Wall Street estimates on both the top and bottom lines, but gave slightly disappointing guidance that sent shares down as much as 5% ahead of the opening bell.
The retailer earned an adjusted $1.76 a share on revenue of $4.31 billion. Those figures were ahead of the $1.64 and $4.29 billion that analysts surveyed by Bloomberg were anticipating. Additionally, comparable sales were positive for a fourth straight quarter, climbing 3.1% and easily beating the 2.6% gain that was expected.
"We saw strength across the business -- both our store and digital channels, all regions of the country, and our proprietary and national brands," CEO Michelle Gass said in the earnings release.
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Management raised its full-year adjusted earnings per share guidance to between $5.15 and $5.55 a share (up from $5.05 to $5.50), good for a midpoint of $5.35. The Wall Street consensus was at $5.36, according to Bloomberg.
Kohl's shares were up 45% this year through Monday.
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