US: Kohl's increases full-year guidance on strong Q3
- Net income up 20% to $211m
- Sales up 3.8% to $4.4bn
- Comparable-store sales up 2.1%
US department store operator Kohl's has increased its full-year earnings guidance as the company reported an increase in third-quarter net profits.
The retailer today (10 November) reported a 20% increase in net income for the quarter ended 29 October to reach US$211m. Sales rose 3.8% to $4.4bn, while comparable-store sales were up 2.1% over the quarter.
It also increased its full-year earnings guidance to $4.41-4.52 per diluted share, up on its previously forecast $4.34-4.49 per share.
The company attributed the gains to the increased penetration of private and exclusive brands, including the Jennifer Lopez and Marc Anthony brands, combined with "disciplined inventory management".
"The launch of our Jennifer Lopez and Marc Anthony brands during the quarter met our aggressive sales plans. We expect our collection of powerful brands supported by significant marketing investments, especially in broadcast and digital media, to deliver a strong holiday season," said chairman, president, CEO Kevin Mansell.
Shares in the company were up 2.75% to 55.878 a share at 9:45 ET today.
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