MENOMONEE FALLS, Wis. (AP) -- Kohl's said Thursday that revenue at stores open at least a year climbed 0.6 percent in January, less than the 1.4 percent increase in the same period a year ago.
Still, that was better than the 0.1 percent increase analysts had predicted, and the department store chain also raised its earnings outlook for both the quarter and the year. Company shares rose nearly 3 percent, or $1.22, to $46.78 in early trading.
Revenue at stores open at least a year is a key indicator of a company's health, because it excludes the impact of recently opened or closed stores. Net revenue, which does include that impact, climbed 2.4 percent to $844 million. Over the year, Kohl's increased its number of stores to 1,127 from 1,089.
CEO Kevin Mansell said the January results were in line with the company's expectations. He said Kohl's, which describes its merchandise as "value oriented," was tightly managing expenses. He also noted that the company earned $1 billion in revenue for the year from its website, about 5 percent of the year's total revenue.
Kohl's Corp. also raised its predictions for per-share earnings for the fourth quarter, which covers November through January, and the fiscal year. It now expects fourth-quarter earnings of $1.79 to $1.80 per share, up from last month's prediction of $1.70 to $1.73. It expects $4.29 to $4.30 for the fiscal year, up from last month's prediction of $4.20 to $4.23.
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