Kohl’s may have improved its momentum as the third quarter ended with a comparable store sales increase, but it missed a Wall Street estimate for the period.
In the third quarter, Kohl’s registered net income of $123 million, or 78 cents per diluted share, versus $161 million, or 98 cents per diluted share, in the year-prior period.
Earnings adjusted for one-time charges were $116 million, or 74 cents per diluted share, versus $161 million, or 98 cents per diluted share, in the period a year earlier. Kohl’s adjusted diluted earnings per share fell short of a MarketBeat-published analyst consensus estimate of 86 cents.
Comparable sales advanced 0.4% from last year’s quarter, the company reported.
Kohl’s posted total revenue of $4.63 billion, flat to the year-previous quarter, and net sales of $4.36 billion versus $4.37 billion in the year-past quarter. Operating income was $204 million as compared to $258 million in the quarter a year before.
“We are pleased to report that our business returned to growth during the third quarter, with a comparable sales increase of 0.4%,” said Michelle Gass, Kohl’s CEO. “The quarter started off positive in August with another successful back-to-school season and ended strong in October. We enter the holiday period with momentum and are strategically increasing our investments to take advantage of the unique opportunity to fuel growth and customer acquisition. We believe that investing in the short-term will support our strategies to drive profitable growth over the long-term.”