20 Nov Kohl’s Lifts Guidance On Improved Q3
Kohl’s Inc. raised its guidance for the year after reporting third-quarter results topped Wall Street’s targets. Earnings in the third quarter rose 38 percent as comps grew 2.5 percent.
“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. “We experienced strength across our entire apparel business, and our focus on speed to market and inventory management are driving relevancy with our customers, resulting in sales growth, margin expansion, and clean inventory levels. 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. I want to thank our teams for another strong quarter and for the energy and enthusiasm they are bringing to the holiday season ahead of us.”
Dividend
On November 14, 2018, Kohl’s Board of Directors declared a quarterly cash dividend on the company’s common stock of $0.61 per share. The dividend is payable December 26, 2018 to shareholders of record at the close of business on December 12, 2018.
Guidance Update
The company is raising guidance and now expects its fiscal 2018 diluted earnings per share to be $5.16 to $5.36, compared to its prior guidance of $4.96 to $5.36. Excluding the loss on extinguishment of debt, fiscal 2018 diluted earnings per share is expected to be $5.35 to $5.55, compared to prior guidance of $5.15 to $5.55.