Kohl’s maintains full-year forecasts after Q1 sales miss
2023.05.24 07:33
© Reuters. The Kohl’s label is seen on a shopping cart in a Kohl’s department store in the Brooklyn borough of New York, U.S., January 25, 2022. REUTERS/Brendan McDermid
(Reuters) -Kohl’s Corp maintained its full-year profit and operating margin forecasts even as it missed quarterly sales estimates on Wednesday, sending the department store chain’s shares up 10% in premarket trading.
The company is attempting a turnaround after Chief Executive Officer Tom Kingsbury took the helm in February.
Kohl’s (NYSE:) said its first-quarter gross margin grew by 67 basis points, as the company worked to manage its inventory, bringing it down by 6% during the quarter.
It maintained its fiscal 2023 earnings per share in the range of $2.10 to $2.70, and its operating margin at about 4%.
Comparable sales at the company decreased 4.3% in the first quarter, compared with analysts’ average estimate of a 3.9% fall, according to Refinitiv IBES data.
