Kohl’s is gaining momentum heading into the holiday season as the retailer reported a comparable store sales increase in the third quarter.
For the third quarter ended November 3, 2018, total sales revenue came in at $4.62 billion compared to $4.56 billion in the previous third quarter. Comparable sales increased 2.5% versus 0.1% last year.
Net income in the quarter rose 38% to $161 million compared to $117 million in the third quarter of 2017. Diluted earnings per share increased to $0.98 compared to diluted earnings per share of $0.70 in last year’s third quarter.
“We are very pleased that our strong performance continued into the third quarter, resulting in a comparable sales increase of 2.5%, our fifth consecutive quarter of positive growth,” said Michelle Gass, Kohl’s CEO. “We experienced strength across our entire apparel business, and our focus on speed to market and inventory management are driving relevancy with our customers, resulting in sales growth, margin expansion, and clean inventory levels. We are executing extremely well in our stores and our digital channels, and our efforts across the company have us well-positioned going into the fourth quarter. I want to thank our teams for another strong quarter and for the energy and enthusiasm they are bringing to the holiday season ahead of us.”