Kohl’s posts 3.6 percent increase in Q1 comparable sales

For the first quarter ended May 5, 2018, Kohl’s Corporation reported revenues of 4,208 million dollars compared to 4,065 million dollars same quarter last year, representing an increase of 3.5 percent. Comparable sales for the quarter increased 3.6 percent. Reported net income rose 14 percent to 75 million dollars, while diluted earnings per share rose 15 percent to 0.45 dollar. Excluding loss on extinguishment of debt, net income jumped 62 percent to 107 million dollars and diluted earnings per share rose 65 percent to 0.64 dollar.

Commenting on the first quarter trading, Michelle Gass, Kohl's Chief Executive Officer, said in a statement: “We built on our recent momentum and achieved our third consecutive quarter of positive comparable sales, which increased on both a fiscal and a shifted basis. Further, we exceeded the high end of our margin expectations through continued focus on inventory management, while expenses were consistent with our expectations as we continue to make investments to ensure our long-term success. All of this enabled us to achieve adjusted earnings per share of 0.64 dollar for the quarter, an increase of 65 percent over last year.”

The company now expects its adjusted fiscal 2018 diluted earnings per share to be 5.05 dollars to 5.50 dollars, compared to its prior guidance of 4.95 dollars to 5.45 dollars. Including the loss on extinguishment of debt, fiscal 2018 diluted earnings per share is expected to be 4.86 dollars to 5.31 dollars.

Picture:Facebook/Kohl's