Kohl’s Corporation (KSS) Stock Soars on Sizzling Holiday Sales
Kohl’s Corporation (NYSE:KSS) shares were surging on Monday following the news of the company’s holiday sales report.
The retailer reported same-store sales during the holidays late in 2017 that popped nearly 7% compared to the same period in 2016. Thanks to these results, Kohl’s updated its full-year earnings guidance.
The company now projects to earn between $4.10 and $4.20 per share, well ahead of the previous estimate of $3.72 to $3.92 per share. On an adjusted basis, the retailer sees its earnings being between $3.98 and $4.08 per share, ahead of its previous outlook of $3.60 to $3.90 per share.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
The figure is excluding a fourth-quarter tax settlement that will set the company back $30 million. Analysts polled by Thomson Reuters expect Kohl’s to earn roughly $3.64 per share.
“All lines of business and all regions reported positive comp sales,” CEO Kevin Mansell said in a statement. “As expected, growth in digital demand accelerated significantly in the holiday period from the year-to-date trend.”
Part of Kohl’s recent success stems from its partnerships with companies such as Amazon.com, Inc. (NASDAQ:AMZN), as well as popular athletic apparel companies such as Adidas, Under Armour Inc (NYSE:UA) and Nike Inc (NYSE:NKE), reeling in more consumers to shop at the retailer.
Additionally, Kohl’s adds that these adjustments to earnings don’t include the expected impact of upcoming changes in the nation’s federal tax legislation, which are slated to have a “positive impact” on the retailer’s effective tax rate, as well as fueling other non-cash tax benefits.
KSS stock is soaring 5.8% on Monday.
More From InvestorPlace
The post Kohl’s Corporation (KSS) Stock Soars on Sizzling Holiday Sales appeared first on InvestorPlace.
