By  on May 16, 2013

Kohl’s Corp.’s earnings fell, but were better than projected in the first quarter. Net income fell 4.5 percent to $147 million, or 66 cents a share, from $154 million, or 63 cents, a year earlier.

Earnings per share came in 8 cents ahead of the 58 cents analysts projected. The company had guided investors toward earnings of 55 cents to 63 cents a share. The stronger-than-projected bottom line helped push the company’s stock up 7.3 percent $53.30 in pre-market trading on Wall Street.

RELATED STORY: Kohl's Shareholders Vote for Independent Chairman >>

Sales for the three months ended May 4 slipped 1 percent to $4.2 billion from $4.24 billion.“After a slow start, sales improved considerably in April as the weather finally improved in our most weather-sensitive regions,” said Kevin Mansell, chairman, president and chief executive officer. “Despite the lower-than-expected sales, we outperformed our earnings guidance as gross margin results and expense management were better than expected. Our inventory levels are consistent with our expectations."

Kohl’s said second-quarter earnings per share would range from $1 to $1.08, straddling Wall Street’s best guess of $1.05.

RELATED CONTENT: WWD Earnings Tracker >>

To access this article, click here to subscribe or to log in.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus