Kohl’s (NYSE:KSS) reported Thursday fiscal second-quarter earnings that beat analyst expectations and it raised its forecast for the year, as shoppers headed back to its stores.
"Based on our results, we are raising our full year 2021 guidance, which positions us to achieve many of our 2023 strategic goals this year, well ahead of our plan," said CEO Michelle Gass in a press release.
Net income rose to $382 million, or $2.48 per share, from $47 million, or 30 cents per share, a year earlier. The results topped the $1.21 per share expected by analysts.
Revenue rose 31% to $4.45 billion, outpacing estimates of $4.02 billion.
Kohl’s expects full-year earnings per share to range from $5.80 to $6.10, up from $3.80 to $4.20.
During the quarter, Kohl’s repurchased $255 million of its stock. It said it plans to buy back $500 million to $700 million of its shares this year.
Gass continued, "Our performance in the second quarter marked another important step in further establishing Kohl’s as the leading destination for the active and casual lifestyle. We delivered record second quarter earnings with sales and margins materially exceeding expectations.
"As pleased as we are with our ongoing strategic progress, much of our opportunity is still ahead of us. We are on the eve of launching several transformational partnerships that will drive sustainable growth for years to come."
Shares of Kohl’s are up more than 27% year to date as of Wednesday’s market close, putting the retailer’s market value at $8.1 billion.
KSS shares opened Thursday better by $2.71, or 5.2%, to $54.56.
