Kohl’s Corp shares jumped 6.2% in pre-conference trading, as the department store announced record earnings for the third quarter, which exceeded estimates.
Net income was $ 243 million, or $ 1.65 a share, compared with a loss of $ 12 million, or 8 cents a year, a year ago.
Revenue rose to $ 4.60 billion from $ 3.98 billion a year earlier.
Convergent estimates spoke of earnings per share of 70 cents and revenue of $ 4.27 billion.
Comparable sales increased 14.7% compared to estimates for an increase of 12.5%.
The company plans to repurchase $ 1.3 billion worth of treasury shares in 2021, after repurchasing $ 506 million in the third quarter.
It also upgraded sales estimates, expecting an increase of about 25%, compared to estimates for 20% -25%.
Adjusted earnings per share are now expected to be $ 7.10-7.30, up from $ 5.80-6.10 previously.
Convergent estimates point to a 25.2% increase in sales to $ 17.22 billion, and earnings per share to $ 5.71.
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Source From: Capital
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