Kohl's raises full year earnings guidance

Kohl’s Corporation reported total revenue of 4,628 million dollars for the third quarter and 13,406 million dollars for the nine month period, an increase of 1.3 percent and 2.9 percent respectively. Comparable sales for the quarter were up 2.5 percent. Third quarter reported and also excluding loss on extinguishment of debt net income rose 38 percent to 161 million dollars and diluted EPS increased 40 percent to 0.98 cents. For the nine months, reported net income was 529 million dollars, a rise of 35 percent, while diluted EPS rose 37 percent to 3.19 dollars.

“We are very pleased that our strong performance continued into the third quarter, resulting in a comparable sales increase of 2.5 percent, our fifth consecutive quarter of positive growth,” said Michelle Gass, Kohl’s Chief Executive Officer in a statement, adding, “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.”

On November 14, 2018, Kohl's board of directors declared a quarterly cash dividend on the company's common stock of 0.61 cents per share payable December 26, 2018 to shareholders of record at the close of business on December 12, 2018.

The company is raising guidance and now expects its fiscal 2018 diluted earnings per share to be 5.16 dollars to 5.36 dollars, compared to its prior guidance of 4.96 dollars to 5.36 dollars. Excluding the loss on extinguishment of debt, fiscal 2018 diluted earnings per share is expected to be 5.35 dollars to 5.55 dollars, compared to prior guidance of 5.15 dollars to 5.55 dollars.

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