Kohl's (KSS) Shares Falling Even as Q2 Results Come in Better-Than-Expected
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Provision for income taxes: 79M
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Financial Fact:
Provision for income taxes: 79M
Today's EPS Names:
JAGX, CLIR, ZTO, More
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Kohl’s Corp. (NYSE: KSS) said Thursday that its second-quarter profit rose roughly 14 percent due to consumers turning to the company’s lower prices as economic and job market worries persist. Still, Kohl's noted that shoppers are spending less per visit to the store.
The moderate-price department store chain reported quarterly earnings of $260 million or 84 cents per share, up from $229 million or 75 cents per share in the same quarter last year.
Revenue for Kohl’s rose 8 percent to $4.1 billion in the three month period ended July 31 from $3.8 billion last year.
On average, analysts had been looking for earnings of 82 cent per share on sales of $4.09 billion.
Same store sales, or sales at store open at least a year, rose 4.6 percent in the period.
“We continue to gain market share as reflected in our performance in both comparable and total sales growth. This sales performance, along with strong inventory management, allowed us to continue to increase our gross margin rate,” Kevin Mansell, Kohl’s chairman, president and chief executive officer, said. “We are particularly pleased by our leverage in store payroll and marketing which offset our important long-term investment in e-commerce in the second quarter and resulted in us delivering a better overall expense result. “
Looking forward, the company sees third-quarter earnings in the range of 57 to 63 cents per share on sales up 4.5 to 6.5 percent. The Street is currently looking for earnings of 74 cents per share for the third quarter.
For the fourth-quarter, Kohl’s sees earnings of $1.51 to $1.59 per share on sales up 4.6 percent to 6.5 percent.
Finally, for FY10, the company narrowed its earnings guidance to a range of $3.57 to $3.70 from a prior view of $3.57 to $3.75 per share. This updated range came in below the Street’s consensus of $3.76 per share.
Shares of Kohl’s are down 3.06 percent to $46.32 in midday market movement today.
The moderate-price department store chain reported quarterly earnings of $260 million or 84 cents per share, up from $229 million or 75 cents per share in the same quarter last year.
Revenue for Kohl’s rose 8 percent to $4.1 billion in the three month period ended July 31 from $3.8 billion last year.
On average, analysts had been looking for earnings of 82 cent per share on sales of $4.09 billion.
Same store sales, or sales at store open at least a year, rose 4.6 percent in the period.
“We continue to gain market share as reflected in our performance in both comparable and total sales growth. This sales performance, along with strong inventory management, allowed us to continue to increase our gross margin rate,” Kevin Mansell, Kohl’s chairman, president and chief executive officer, said. “We are particularly pleased by our leverage in store payroll and marketing which offset our important long-term investment in e-commerce in the second quarter and resulted in us delivering a better overall expense result. “
Looking forward, the company sees third-quarter earnings in the range of 57 to 63 cents per share on sales up 4.5 to 6.5 percent. The Street is currently looking for earnings of 74 cents per share for the third quarter.
For the fourth-quarter, Kohl’s sees earnings of $1.51 to $1.59 per share on sales up 4.6 percent to 6.5 percent.
Finally, for FY10, the company narrowed its earnings guidance to a range of $3.57 to $3.70 from a prior view of $3.57 to $3.75 per share. This updated range came in below the Street’s consensus of $3.76 per share.
Shares of Kohl’s are down 3.06 percent to $46.32 in midday market movement today.
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