Advertisement
U.S. markets close in 4 hours 15 minutes
  • S&P 500

    5,252.07
    +3.58 (+0.07%)
     
  • Dow 30

    39,773.99
    +13.91 (+0.03%)
     
  • Nasdaq

    16,389.62
    -9.90 (-0.06%)
     
  • Russell 2000

    2,130.06
    +15.71 (+0.74%)
     
  • Crude Oil

    82.46
    +1.11 (+1.36%)
     
  • Gold

    2,234.40
    +21.70 (+0.98%)
     
  • Silver

    24.92
    +0.17 (+0.70%)
     
  • EUR/USD

    1.0806
    -0.0023 (-0.22%)
     
  • 10-Yr Bond

    4.1910
    -0.0050 (-0.12%)
     
  • GBP/USD

    1.2633
    -0.0005 (-0.04%)
     
  • USD/JPY

    151.1850
    -0.0610 (-0.04%)
     
  • Bitcoin USD

    71,208.61
    +1,959.57 (+2.83%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,967.94
    +35.96 (+0.45%)
     
  • Nikkei 225

    40,168.07
    -594.66 (-1.46%)
     

Kohl’s Jumps on Incredible Earnings Beat

Kohl’s Corp. (KSS) released its fiscal third-quarter earnings report before the markets opened on Thursday. The company said that it had $0.80 in earnings per share (EPS) and $4.33 billion in revenue. The consensus estimates from Thomson Reuters had called for EPS of $0.70 and $4.33 billion in revenue. The same period of last year reportedly had $0.75 in EPS and revenue of $4.43 billion.

The company ended the quarter with 1,155 Kohl's stores, 12 FILA Outlet stores and three Off/Aisle clearance centers in 49 states, compared with 1,166 Kohl's stores at the same time last year.

In terms of guidance, Kohl’s reaffirmed its prior 2016 outlook for EPS in the range of $3.80 to $4.00. The consensus estimates are $3.87 in EPS.

The board of directors declared a quarterly cash dividend on the company's common stock of $0.50 per share. The dividend is payable December 21, to shareholders of record at the close of business on December 7. Also the board of directors increased the company's outstanding share purchase authorization under its existing share repurchase program to $2.0 billion.

ALSO READ: 9 Big Losers From Hillary Clinton Not Winning the White House

On the books, Kohl’s cash and cash equivalents totaled $597 million at the end of the quarter, up from $501 million at the end of the same period of last year.

Kevin Mansell, Kohl's board chair, chief executive and president, commented:

We are pleased to see continued improvement in our sales trends. Our back-to-school season was strong, followed by a soft September, and progressive improvement throughout October. We are encouraged by these trends as we enter the Holiday season. Our teams did an excellent job managing inventory. Expenses were also well-controlled as substantially all teams outperformed their plans.

ALSO READ: The Next 14 States to Legalize Marijuana

Shares of Kohl’s traded up more than 13% at $51.94 on Thursday, with a consensus analyst price target of $46.82 and a 52-week trading range of $33.87 to $52.06.

Related Articles

Advertisement