shares were hit to the tune of 5% after reporting a bigger-than-forecast decline in same-store sales, a key metric for retailers. The company said same-store sales contracted by 2.9% in the second quarter. Analysts polled by Refinitiv expected a decline of 2.5%.
Still, CEO Michelle Gass noted same-store sales for the second quarter improved from the first quarter. She added the company is confident in its "upcoming brand launches, program expansions, and increased traffic from the Amazon returns program will incrementally contribute to our performance during the balance of the year and beyond."
Kohl's has fallen sharply this year. The stock has lost more than 30% of its value in 2019 and has plunged 27% over the past three months.The medical devices maker reported better-than-expected quarterly results, sending its stock up more than 3.5% and on pace for its biggest one-day gain in a year.reported earnings per share of $1.26 on revenue of $7.493 billion. Wall Street analysts expected a profit of $1.18 per share on sales of $7.396 billion.
The company's sales topped estimates across all of its divisions, including cardiac and vascular devices, which raked in $2.79 billion in the quarter. Medtronic has had a stellar year thus far. The stock is up more than 18% in 2019 and has surged 23% over the past three months.
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