Kohl’s Climbs After Sales Forecast Exceeds Some EstimatesLauren Coleman-Lochner
Kohl’s Corp., 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 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. 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.