Kohl’s Corp. fiscal Q3 earnings down from year ago, but above analysts’ expectations
MENOMONEE FALLS — Kohl's Corp. on Thursday reported fiscal third-quarter earnings that were below a year ago, but above analysts’ expectations.
The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share, while six analysts surveyed by Zacks expected revenue of $4.1 billion.
Kohl's said it expects full-year earnings in the range of $2.30 to $2.70 per share.
In the fiscal third quarter of 2022, Kohl’s posted a profit of $97 million, or 82 cents per share, on revenue of $4.28 billion.
“Kohl’s third quarter earnings reflect strong gross margin and expense management as well as additional progress against our strategic priorities,” Kohl’s CEO Tom Kingsbury said in a statement. “I am pleased with our store performance driven by strong growth in Sephora and the newness in our home and gifting initiatives. This reinforces our actions are working and resonating with our customers. In addition, we drove a 13% reduction in inventory as we benefited from our new disciplines.
“Our strategies to reposition Kohl’s for improved sales and earnings performance remain in the early stages. The work we have done in 2023 will continue to build momentum and set us up to be successful in 2024. I continue to be impressed with the entire Kohl’s team for their hard work and agility in executing against our strategic priorities in 2023.”
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