Kohl's (NYSE:KSS) on Tuesday reported quarterly earnings and revenue that topped analysts' expectations. While it also raised its profit forecast for the year, it was on the low end of what Wall Street had been calling for, and shares fell.
Its net income during the fiscal third quarter climbed to $161 million, or 98 cents per share, compared with $117 million, or 70 cents per share, a year ago. That was two cents ahead of analysts’ expectations.
Net sales climbed 1.3% to $4.369 billion, slightly beating Wall Street expectations for $4.365 billion. Total revenue was $4.63 billion.
Sales at Kohl's stores open for at least 12 months were up 2.5% during the quarter, ahead of expectations for growth of 1.7%
CEO Michelle Gass said, "We experienced strength across our entire apparel business, and our focus on speed to market and inventory management are driving relevancy with our customers, resulting in sales growth, margin expansion, and clean inventory levels.
"We are executing extremely well in our stores and our digital channels, and our efforts across the company have us well-positioned going into the fourth quarter. I want to thank our teams for another strong quarter and for the energy and enthusiasm they are bringing to the holiday season ahead of us."
Last week, Kohl’s declared a quarterly cash dividend on the Company's common stock of $0.61 per share. The dividend is payable December 26 to shareholders of record at the close of business on December 12.
The Company is raising guidance and now expects its fiscal 2018 diluted earnings per share to be $5.16 to $5.36, compared to its prior guidance of $4.96 to $5.36
The shares in the company plunged $7.53, or 10.6%, to $63.47
