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Kohl’s Corp. said tightly-managed expenses helped it register a 1.9 percent gain in third-quarter earnings Thursday.
For the period ended Oct. 27, the retailer reported net income of $215 million, or 91 cents a diluted share, compared with a profit of $211 million, or 80 cents, in the year-ago quarter.
Net sales increased 2.6 percent to $4.49 billion from year-ago sales of $4.38 billion.
Wall Street predicted earnings per share of 88 cents on sales of $4.47 billion.
Selling, general and administrative expenses edged up 0.6 percent to $1.08 billion, as gross margin for the quarter slid to 38.1 percent of sales versus a year-ago margin of 38.6.
“Our sales performance in the third quarter was consistent with our expectations, while our gross margin results were better than expected,” said Kevin Mansell, chairman, president and chief executive officer. “We have made noticeable investments in holiday inventory — both in depth and content — and the in-store experience. Our stores are festive and fun to shop. We are also very excited about our expanded gift strategy and our ability to offergreat products at great values.”