Bloomberg News

Kohl’s Climbs After Sales Forecast Exceeds Some Estimates (1)

August 15, 2013

Kohl’s Corp. (KSS:US), the third-largest U.S. retailer, rose the most in more than a year after it forecast sales for this quarter that beat some analysts’ estimates.

The shares (KSS:US) climbed 5.3 percent to $53.51 at the close in New York, their biggest increase since July 2012. They’ve gained 24 percent this year, compared to 16 percent for the Standard & Poor’s 500 Index.

Kohl’s expects sales during the quarter that ends Nov. 2 to increase by 1 percent to 3 percent, according to a statement today by the Menomonee Falls, Wisconsin-based company. The average of 18 estimates compiled by Bloomberg had been $4.55 billion, which would be up 1.4 percent from a year earlier.

Chief Financial Officer Wes McDonald told investors on the company’s second-quarter earnings conference call that Kohl’s was “very pleased” with initial back-to-school sales.

The company reported profit of $1.04 a share for its second quarter ended Aug. 3, meeting estimates. Sales at stores open at least a year rose 0.9 percent, after larger competitor Macy’s Inc. (M:US) yesterday posted a 0.8 percent decline.

Kohl’s also forecast annual profit of $4.15 to $4.35 percent a share, reducing the top end by 10 cents from its previous outlook.

To contact the reporter on this story: Lauren Coleman-Lochner in New York at llochner@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net


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Companies Mentioned

  • KSS
    (Kohl's Corp)
    • $58.79 USD
    • -0.61
    • -1.04%
  • M
    (Macy's Inc)
    • $62.29 USD
    • -0.07
    • -0.11%
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