Kohl's key revenue figure rises 3.4 pct. in Aug.
MENOMONEE FALLS, Wis. (AP) — Kohl's revenue at stores open at least a year increased 3.4 percent in August, easily beating Wall Street's forecast.
Analysts surveyed by Thomson Reuters predicted a 1.9 percent rise in the figure.
This metric is a key gauge of a retailer's health, because it excludes the effect of opening and closing stores.
Chairman, President and CEO Kevin Mansell said in a statement that Kohl's Corp.'s August results were helped by better merchandise, improved inventory levels and its marketing strategies.
The best performing categories for the four weeks ended Aug. 27 including footwear, men's and children's.
Kohl's shares gained $1.05, or 2 percent, to $53.35 before the market open on Thursday.
Total revenue for August rose 5.3 percent, to $1.49 billion.
For the year to date, revenue at stores open at least a year fell 0.6 percent, and total revenue climbed 1.1 percent.
Kohl's, based in Menomonee Falls, Wis., has 1,134 stores in 49 states. Earlier this month, the company reported that its second-quarter net income dropped 20 percent as sales disappointed, and it cut its full-year earnings prediction.