Kohl’s Corporation (NYSE:KSS) announced its earnings before opening bell, coming out ahead of its guidance for the first quarter of the year. The retail chain announced earnings per share of 66 cents, compared to its guidance of between 55 and 63 cents per share. That’s a 5 percent increase from the same quarter a year ago.
Sales were reported to be $4.2 billion during the quarter, so the company missed consensus there. Analysts were expecting the company to report falling profits of 59 cents per share, a decline from expectations of 65 cents per share earlier this year. Revenue was expected to come in at $4.29 billion.
Updated Guidance From Kohl’s
Kohl’s Corporation (NYSE:KSS) guided for earnings per share of between $1 and $1.08 for its August quarter. It based the guidance on total sales growth of 1 to 3 percent and comparable sales growth of between 9 and 2 percent.
Kohl’s Capital Plan
By the end of the current quarter, Kohl’s Corporation (NYSE:KSS) announced that it buy back $250 million worth of its shares. The retail chain included those share repurchases in its calculations for its August quarter guidance.
The company’s board of directors declared a quarterly cash dividend of 35 cents per share, which will be paid June 26 to shareholders of record at the end of the business day on June 12.
Kohl’s Store Updates
At the end of the company’s May quarter, it had 1,155 stores in 49 states. That’s compared to 1,134 stores at the end of the same quarter a year ago. During the first quarter, Kohl’s opened nine new stores, and it plans to open three more stores and remodel 30 others in the fall of this year.