Second quarter sales at Kohl’s were down slightly, but the retailer reported a jump in net income.
Sales for the three months ended July 29 were $4.14 billion, down 0.9% from the comparable quarter in 2016. Comparable store sales were off 0.4%. Net income was $208 million, an increase of 49% over the second quarter the prior year. Diluted earnings per share were $1.24 as compared to $0.77 the prior year.
CNBC reported that Kohl’s figures beat analysts estimates of adjusted profit of $1.19 per share and revenue of $4.13 billion.
“The traffic momentum that we saw in the combined March/April period accelerated in the second quarter,” said Kevin Mansell, chairman, CEO and president of Kohl’s. “Though transactions for the quarter were lower than last year, July transactions increased. We are also excited by the sequential sales trend improvement in all our lines of business, all geographic regions, and in both our proprietary and national brand portfolios.”