REUTERS: Kohl's Corp projected annual earnings above Wall Street forecasts on Tuesday, as the department store chain offers attractive promotions and begins selling new apparel through partnerships with popular brands.
Shares in Kohl's jumped 4 percent in early trade following the announcement, which also showed the company had topped Wall Street estimates for same-store sales and profit in the fourth quarter.Kohl's has been boosting sales by stocking new products, improving its online store, and through various partnerships including those with Amazon.com and millennial-focused brand Popsugar.
Sales at Kohl's stores open for more than an year rose 1 percent during the fourth quarter, above the 0.3 percent Wall Street had expected. The Menomonee Falls, Wisconsin-based retailer projected earnings of between US$5.80 and US$6.15 per share for fiscal year 2019. Analysts were expecting US$5.77, according to IBES data from Refinitiv.
Excluding one-time items, Kohl's earned US$2.24 per share in the fourth quarter ended Feb. 2, beating estimates of US$2.18.