Vehicles sit parked in front of a Kohl’s department store in Ashland, Ky.
Luke Sharrett | Bloomberg | Getty Images
Kohl’s on Thursday reported first-quarter earnings and sales that topped analysts’ estimates, and raised its outlook for the full year.
Chief Executive Michelle Gass noted that momentum built throughout the quarter, especially in Kohl’s stores, where the retailer has been investing in new brands and refreshing displays in activewear, women’s apparel and beauty.
Its stock fell nearly 3% in premarket trading.
Here’s how the company did for the quarter ended May 1, compared with what analysts were anticipating, based on a Refinitiv survey:
- Earnings per share: $1.05 adjusted vs. 4 cents expected
- Revenue: $3.89 billion vs. $3.48 billion expected
Kohl’s net income climbed to $14 million, or 9 cents per share, from a loss of $541 million, or $3.52 per share, a year earlier. Excluding one-time adjustments, the company earned $1.05 per share, outpacing expectations for 4 cents, based on a Refinitiv survey.
Revenue soared nearly 70% to $3.89 billion from $2.43 billion a year earlier. That beat expectations for $3.48 billion.
Find the earnings press release from Kohl’s here.
This story is developing. Please check back for updates.
