Kohl's Corporation (NYSE: KSS) staged a mighty comeback on Thursday afternoon, after the department store chain saw its shares battered in the bruised in the early going, based on third-quarter figures.
Figures out Thursday showed Kohl’s earned 70 cents per share in the third quarter on revenue of $4.332 billion. Wall Street analysts were expecting the company to earn 72 cents per share on revenue of $4.3 billion.
Comparable sales rose 0.1% in the third quarter. Also of note: net income fell from $146 million a year ago to $117 million.
Kohl’s CEO Kevin Mansell said, "We are pleased to report an increase in comp sales for the quarter as the traffic momentum we saw in the first half of the year continued.
"We saw strong results during the back-to-school season, achieving a low single-digit positive comp. The middle of the quarter was soft as we experienced disruptions from the hurricanes and other unseasonal weather. The quarter closed with strong sales in the second half of October."
Meantime, Kohl’s management narrowed and raised the lower end of its fiscal 2017 EPS outlook from $3.50-$3.80 to a new range of $3.60-$3.80.
On Wednesday, Kohl's Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.55 per share. The dividend is payable December 20 to shareholders of record at the close of business on December 6.
Kohl's ended the quarter with 1,156 stores in 49 states versus 1,155 stores at the same time a year ago.
Shares languished in the red throughout much of the session, before actually gaining five cents to $40.84, in the final hour of trading.
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