Analysts had expected the company's revenue to fall 8.9% , according to Refinitiv. Kohl 's CEO Michelle Gass said sales grew as the company operated in the most recent quarter and that consumer demand increased in the new year.
Kohl's Corp. gave a preliminary look at its fourth-quarter results, reporting better-than-expected earnings and strong online sales . The department store retailer said it expects fiscal fourth-quarter earnings of between $1.00 and $1.05 per share (before taking into account the impact of its tax plan), compared with $1.72 per share in the same period last year. Analysts on average expected earnings of $0.70 per share.
Kohl's sales are expected to fall 10%, larger than the 8.9% analysts had expected. Digital sales grew more than 20%, accounting for more than 40% of net sales , and comparable sales are expected to fall 11%, also larger than analysts had expected. This is the third consecutive quarter of sustained improvement for the chain.
“As the period turned, our fourth quarter results exceeded our expectations across all key metrics,” Chief Executive Michelle Gass said in a statement. “Our focus on gross margin showed further traction and we maintained tight management of expenses, which together positioned us for a strong financial position.”
Kohl's said it will focus on strong expense and inventory management, as well as continued optimization in its promotional strategy, which will help it to increase revenue and consolidate its position as it enters the new year.
Gass also said : "As we carry this momentum into 2021, we are confident that our key strategic initiatives will accelerate our top-line growth and expand our operating margins. Our partnership with Sephora will go live in 200 stores and online this fall and begin a multi-year build that will drive significant growth for Kohl's."
Based on its upcoming partnership with Sephora and a revamp of its women's apparel, Gass believes activewear , home goods and beauty remain the retailer's best-performing categories. "Kohl's is very well positioned as we head into the year ahead, " she said. " There's been a lot of disruption in the industry, and we're going to benefit from that."
Kohl's shares have risen more than 8% in the past 12 months as of Wednesday's close . Kohl's has a market value of $7.35 billion , which is larger than that of Nordstrom and Macy's. The company reports fourth-quarter earnings on March 2. Cole North America Online Sales |
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