MENOMONEE FALLS, Wis. – Shares of Kohl’s rose practically 9% in premarket buying and selling after the corporate posted a 3rd quarter web gross sales improve of 15.5% for the quarter ending Oct. 30, 2021.
Income for the quarter got here in at $4.6 billion versus anticipated income of $4.27 billion.
Kohl’s additionally posted document third quarter earnings per share of $1.65 in comparison with unfavourable .08 cents within the third quarter of final yr.
The corporate has revised its steerage for the fourth quarter with web gross sales anticipated to extend within the mid-twenties p.c vary in comparison with the earlier expectation of low-twenties proportion vary.
“Our strategic efforts to rework Kohl’s into the main vacation spot for the lively and informal life-style proceed to construct momentum. We delivered one other quarter of document earnings with each gross sales and margins exceeding expectations,” mentioned Michelle Gass, Kohl’s CEO. “In the course of the quarter, we drove accelerated progress in lively and efficiently launched a number of new model partnerships, together with the preliminary rollout of 200 Sephora at Kohl’s shops.”
Gass added that all the items of the corporate’s technique are coming collectively and so they stay assured in