Kohl’s Corporation (KSS) Stock Sinks Despite Earnings Beat
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Kohl’s Corporation (NYSE:KSS) stock was down today despite the retailer reporting an earnings beat for the second quarter of 2017.
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Kohl’s Corporation reported earnings per share of $1.24 for the second quarter of 2017. This is an increase over its earnings per share of $1.22 from the same time last year. It also beat out Wall Street’s earnings per share estimate of $1.19 for the quarter.
Revenue reported by Kohl’s Corporation for the second quarter of the year was $4.14 billion. This is down slightly from KSS’ revenue of $4.18 billion that was reported in the second quarter of 2016. However, it did still come in above analysts’ revenue estimate of $4.13 billion for the second quarter of 2017.
Kohl’s Corporation reported net income of $208 million in its second quarter of the year. This is up from its net income of $140 million that the retailer reported during the same period of the year prior.
“Though transactions for the quarter were lower than last year, July transactions increased,” Kevin Mansell, Chairman, CEO and President of Kohl’s Corporation, said in a statement. “We are also excited by the sequential sales trend improvement in all our lines of business, all geographic regions, and in both our proprietary and national brand portfolios.”
Kohl’s Corporation also announced a dividend for investors. This will have it paying 55 cents per share to shareholders for each KSS stock they hold. The dividend will be payable on Sept. 20, 2017 to stockholders on record as of Sept. 6, 2017.
KSS stock was down 6% as of noon Thursday and is down 20% year-to-date.
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