Michelle Gass is coming in with gains at Kohl’s Corp. as she takes the mantle of chief executive officer.
The retailer’s first-quarter net profits rose to $75 million, or 45 cents a diluted share, from $66 million, or 39 cents, a year earlier. Revenues for the three months ended May 5 increased to $4.21 billion from $4.07 billion. Comparable sales increased 3.6 percent.
“We built on our recent momentum and achieved our third consecutive quarter of positive comparable sales, which increased on both a fiscal and a shifted basis,” Gass said. “Further, we exceeded the high end of our margin expectations through continued focus on inventory management, while expenses were consistent with our expectations as we continue to make investments to ensure our long-term success.”
And Kohl’s is looking to hold its gains. The company nudged up its earnings per share outlook for the year to a range of $5.05 to $5.50, compared with prior guidance of $4.95 to $5.45.
Shares of the company rose 5.4 percent to $69 in pre-market trading Tuesday.