Kohl's reports 3Q earnings growth
MENOMONEE FALLS, Wis. Kohl’s reported net income for the quarter ended Oct. 30 of $194 million, or 63 cents per diluted share, compared with $193 million, or 63 cents per diluted share, a year ago.
Net sales for the quarter were $4.2 billion, an increase of 4.1% for the quarter. Comparable-store sales for the quarter increased 1.8%.
Kevin Mansell, Kohl’s chairman, president and CEO, said “We are pleased with our financial results for the third quarter. We continue to gain market share as reflected in our performance in both comparable and total sales growth. This sales performance, along with strong inventory management, allowed us to continue to increase our gross margin rate. We are pleased with the expense management discipline across the company that allowed us to grow our expenses less than we originally planned.“
For the fourth quarter, the company said it expects total sales to increase between 4.5% and 6.5%; comparable-store sales to increase 2% to 4%; and gross margin as a percent of sales to increase 20 to 40 basis points over last year. The company said it also expects selling, general and administrative expenses to increase between 3% and 4%. This would result in earnings per diluted share of $1.51 to $1.59 for the fourth quarter.