Kohl’s Corporation (NYSE: KSS) announced its second-quarter results on Thursday before the market opened. It reported a net profit of $382 million. On a per-share basis, the Menomonee Falls, Wisconsin-based company said it had profit of $2.48 beating Wall Street expectations.
- Second quarter net sales and earnings exceed expectations and company raises full year 2021 financial outlook
- Second quarter net sales increase 31.4%
- Record second quarter diluted earnings per share of $2.48 and company raises full year 2021 guidance to $5.80 to $6.10
- Strengthened financial position during the quarter, ending with $2.6 billion in cash
- Repurchased $255 million of shares in the quarter and now plans to repurchase $500 million to $700 million of shares in 2021
Here’s what Wall Street analysts expect for this quarter
Earnings: $1.11, estimated
Revenue: $3.99 billion, estimated
The largest department store chain in the United States, Kohl’s posted better-than-expected earnings in the first quarter, raising its full-year 2021 outlook.
The company reported net sales of $3.66 billion for the first quarter, beating the analysts’ estimate of $3.48 billion. EPS was $1.05, way above the market expectations of zero per share. Total revenue amounted to $3,887 million compared to $ 2,428 million in the corresponding period last year. First-quarter net sales increased 69.5%.
During the fourth quarter, Kohl’s posted adjusted diluted EPS of $2.22, ending the quarter with ending with $2.3 billion in cash. The company posted revenue of $6,141 million versus $ 6,832 million in 2019. For the full year 2020, the company brought in revenue of $15,955 million as against 2019’s $19,974 million, a decline of 20 %.
Kohl’s updated its 2021 Financial Outlook in the first earnings report. As per the company outlook, the net sales are expected to increase in the mid-to-high teen’s percentage range compared to the previous expectation of mid-teens percentage rate increase. For the full year, the company expects the adjusted earnings per share in the range of $3.80 -$4.20, compared to the previous expectation of $2.45 -$2.95.
Kohl’s is an American department store retail chain operated by Kohl’s Corporation. It offers footwear, branded apparel, accessories, beauty, and home products through its stores and website. The first Kohl’s department store was set up at Brookfield, Wisconsin, in 1962. The firm now operates more than 1,100 stores in 49 states, along with the e-commerce platform of Kohls.com.
Kohl’s recently unveiled its Sephora e-commerce shop. It also opened the first handful of Sephora shops within its brick-and-mortar stores. In late 2020, Kohl’s joined hands with beauty retailer Sephora. The collaboration aims to open Sephora-branded beauty shops in most of Kohl’s stores and create a co-branded online beauty assortment. The company press release states that 200 “Sephora at Kohl’s” locations will open in fall 2021.