Kohl’s Corporation (NYSE:KSS) hurtled higher Tuesday, on unveiling results for the quarter and year ended February 1, 2020.
Revenues for the quarter came in at $6.832 billion, compared to $6.823 billion in the prior-year quarter. Net income registered at $265 million, compared to $272 million.
For the full year, investors noticed revenues reported at $19.974 billion, as opposed to $20.229 billion the year before, a drop of 1.3%. Net income was $691 million, down from $801 million, a fall of 14%.
Fourth-quarter adjusted diluted earnings per share were $1.99, while full-year diluted earnings dropped 10% to $4.37 from last year’s $4.84.
Last week, Kohl's Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.704 per share, a 5% increase over its prior dividend. The dividend is payable April 1, to shareholders of record at the close of business on March 18.
According to CEO Michelle Gass, "While 2019 was a year in which our financial results did not meet our expectations, it was also a year of innovation and investment that further strengthened Kohl’s differentiation in the market.
"We are encouraged by the acceleration of traffic and new customer acquisition in our stores and online driven by the unprecedented level of new brands and partnerships we launched during the year. I want to thank all of our associates for their ongoing commitment to Kohl’s and I am confident that we will build on our strengths in 2020 to stabilize and position the business for future growth."
Shares in KSS jumped $1.45, or 3.8%, Tuesday morning to $39.89
