Kohl’s beat a Wall Street fourth quarter estimate and showed some bright spots in its performance, but CEO Michelle Gass expressed disappointment with the company’s financial results.
The company posted net income of $265 million, or $1.72 per diluted share, versus $272 million, or $1.67 per diluted share, in the year-previous period. When adjusted for non-recurring items, net income was $308 million, or $1.99 per diluted share, versus $366 million, or $2.24 per diluted share, in the year-before period. Still, Kohl’s topped an analyst consensus adjusted earnings per share estimate of $1.88 published by MarketBeat.
Comp sales were flat while total revenue advanced 0.1% from the year-earlier quarter to $6.83 billion.
For the full fiscal year, Kohl’s posted net income of $691 million, or $4.37 per diluted share, versus $801 million, or $4.84 per diluted share, in the year previous. Adjusted net income was $769 million, or $4.86 per diluted share, versus $927 million, or $5.60 per diluted share, in the year before.
Comp sales fell 1.3% and total revenue slipped by the same proportion from the year earlier to $19.97 billion.
Michelle Gass, Kohl’s CEO, said, “While 2019 was a year in which our financial results did not meet our expectations, it was also a year of innovation and investment that further strengthened Kohl’s differentiation in the market. We are encouraged by the acceleration of traffic and new customer acquisition in our stores and online driven by the unprecedented level of new brands and partnerships we launched during the year.”