Kohl's tops same-store sales estimates, raises forecast
(Reuters) - Department store operator Kohl’s Corp (KSS.N) raised its full-year profit forecast and posted better-than-expected quarterly same-store sales on Tuesday, as it moved trendier fashion to stores quicker and bolstered its online business.
The company now expects full-year earnings forecast of $5.16 - $5.36 per share, compared with from its prior forecast of $4.96 - $5.36.
Net income rose to $161 million, or 98 cents per share, in the third quarter ended Nov. 3, from $117 million, or 70 cents per share, a year earlier.
Net sales rose to $4.63 billion from $4.57 billion a year earlier.
Sales at stores open at least 12 months rose 2.5 percent, compared with the 1.74 percent rise expected by analysts, according to IBES data from Refinitiv.
Excluding items, Kohl’s earned 98 cents per share, beating analysts’ estimate of 96 cents, according to IBES data from Refinitiv.
Reporting by Jaslein Mahil and Soundarya J in Bengaluru; Editing by Saumyadeb Chakrabarty
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