Kohl's Corp. (KSS) raised its fiscal fourth-quarter guidance as
it reported better than expected January same-store sales, sending
shares higher.
The department-store chain's shares were up 4.2% at $47.45 in
recent premarket trading. Through Wednesday's close they are down
7.7% this year.
But despite the increase, the fiscal fourth quarter view was
still below estimates before Kohl's slashed its estimate last month
on the heels of a surprise decline in same-store sales in the midst
of the critical holiday season.
The company now expects fiscal fourth-quarter per-share profit
of $1.79 to $1.80, compared with its reduced estimate of $1.70 to
$1.73. In November it had projected $1.93 to $2.04.
On Thursday, the retailer reported January same-store sales
improved 0.6%, while analysts polled by Thomson Reuters expected
0.1% growth. Total January sales were up 2.4%.
In November, Kohl's reported its fiscal third-quarter profit
rose 20% on continued sales growth and as its focus on private and
exclusive brands helped boost margins.
The company expects to release its fourth-quarter financial
results Feb. 23.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com