- Comparable sales were positive for a fourth straight quarter.
- The retailer raised its guidance, but missed the consensus estimate.
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.
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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