Tags: US | Earns | Kohls

Kohl's Net Income Rises on Higher Revenue

Thursday, 13 May 2010 10:25 AM

Department store operator Kohl's Corp. said Thursday its first-quarter net income rose 45 percent as shoppers spent more at its stores.

The retailer raised its full-year guidance, but its forecast for the second quarter and the full year were still short of analysts' expectations.

Its shares fell $1.02, or almost 2 percent, to $56.13 in morning trading.

Kohl's said its net income rose to $199 million, or 64 cents per share, in the three months ended May 1, up from $137 million, or 45 cents per share, a year ago.

Analysts surveyed by Thomson Reuters expected earnings of 62 cents per share, and typically exclude one-time items from their estimates.

Revenue rose 11 percent to $4.04 billion from $3.64 billion last year. Analysts expected revenue of $4 billion.

Revenue in stores open at least a year rose 7.4 percent in the quarter. The figure is considered a key measure of a retailer's financial health.

All segments of business enjoyed gains, with footwear and home furnishings the strongest performers, CEO Kevin Mansell told investors during a conference call following the earnings release. The company's store label and exclusive brands, which now account for 47.2 percent, fared well.

"We're off to a good start. We've gained significant market share nationwide," said Mansell. But he told investors that the economy remains uncertain.

For the second quarter, the company expects to earn 70 cents to 75 cents per share, while analysts expect earnings of 92 cents per share.

Kohl's now expects $3.57 to $3.75 per share for the year. That is up from prior guidance of $3.40 to $3.63 per share. But analysts expect $3.77 per share.

The company expects revenue at stores opened at least a year to rise anywhere from 2 to 4 percent in the current quarter and 3.5 percent to 5 percent for the year.

Kohl's, based in Menomonee Falls, Wis., opened nine stores during the quarter, for a total of 1,067 stores in 49 states.

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Department store operator Kohl's Corp. said Thursday its first-quarter net income rose 45 percent as shoppers spent more at its stores.The retailer raised its full-year guidance, but its forecast for the second quarter and the full year were still short of analysts'...
US,Earns,Kohls
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2010-25-13
Thursday, 13 May 2010 10:25 AM
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