Kohl’s soars on Wall Street after unexpected profit

Photo credit © ENG Pictures

(Boursier.com) — Kohl’s, the American chain of stores taken over by Tom Kingsbury since February, reassured Wall Street on Wednesday by reporting an unexpected quarterly profit of 14 million dollars and 13 cents per title, stable year-on-year. Sales in this first fiscal quarter of 2023 ended at the end of April however fell by 3.3% to 3.4 billion dollars, with a decrease of 4.3% on a comparable basis. Operating profit was $98 million, compared to $82 million a year earlier. Inventories were reduced to $3.5 billion, down 6% year-on-year. The consensus for the period was 42 cents loss per share for 3.34 billion in revenue. For the year, the group expects revenues down 2 to 4%, an operating margin of around 4%, and adjusted earnings per share ranging from $2.1 to $2.7.

©2023 Boursier.com

Source link -87