Kohl’s sees holiday-quarter revenue down 10%, but says sales strengthened toward end of quarter

A view exterior a Kohl’s retailer in Miramar, Florida.

Johnny Louis | Getty Images

Kohl’s mentioned Thursday that it anticipates fiscal fourth-quarter revenue to be down about 10% yr over yr, and same-store sales to drop 11%, but the retailer mentioned sales are gaining momentum.

Analysts had been calling for a revenue decline of 8.9%, in accordance with a ballot compiled by Refinitiv.

The division retailer chain mentioned it expects fourth-quarter earnings per share to be within the vary of $1.00 to $1.05, earlier than contemplating any affect from tax planning methods. Analysts had been calling for earnings of 70 cents per share, on an adjusted foundation.

Kohl’s shares have been up greater than 2% in premarket buying and selling.

With extra buyers visiting Kohl’s web site through the pandemic, Chief Executive Michelle Gass mentioned digital sales represented greater than 40% of web sales through the interval, up greater than 20% yr over yr.

“Our fourth-quarter performance exceeded our expectations across all key metrics with sales strengthening as we moved through the period,” she mentioned in a press release, including that the corporate managed bills extra tightly, serving to it to strengthen its monetary place heading into the brand new yr.

“As we carry this momentum into 2021, we are confident that our key strategic initiatives will accelerate,” Gass mentioned, highlighting Kohl’s upcoming fall launch with Sephora, and the wager that the partnership will drive extra buyers to its shops.

As of Wednesday’s market shut, Kohl’s shares are up greater than 8% over the previous 12 months. Kohl’s has a market cap of $7.35 billion, which has grown to be higher than that of Nordstrom and Macy’s.

Kohl’s is ready to report fourth-quarter outcomes on March 2.

Find the total press launch from Kohl’s right here.

This story is creating. Please verify again for updates.

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