Kohl's Earnings Beat Estimates on Strong School Sales
Kohl's posted higher second-quarter profit on Thursday, helped by strong back-to-school sales. The retailer reported earnings of $269.2 million, or 83 cents per share, for the three months ended Aug. 4, compared with $232.4 million, or 69 cents per share, in the year-ago period.
Analysts on average had expected 82 cents per share, according to Reuters Estimates.
Kohl's shares on Thursday gained $2.31, or 4.13 percent, to close at $58.25 on the New York Stock Exchange. In after-market trade, the stock edged up less than 1 percent.
The Menomonee Falls, Wis.-based firm expanded its middle-market offerings with the launch of Vera Wang-branded apparel and Food Network kitchen tools.
Earlier Thursday, rival retailer J.C. Penney reported that its second-quarter profit rose 1.7 percent, also helped by back-to-school sales.