Shares of Kohl's (NYSE: KSS) soared today, up by 11% as of 2:50 p.m. EST, after the company reported third-quarter earnings. The results beat expectations and Kohl has announced plans to reinstate its dividend.
Revenue in the fiscal third quarter was $4 billion, ahead of the $3.9 billion in sales that Wall Street analysts were expecting. That resulted in adjusted net income of $2 million, or $0.01 per share, while investors were bracing themselves for $0.43 per share in losses. The retailer posted a 13% drop in comparable store sales as the COVID-19 pandemic continues to negatively impact brick-and-mortar stores.
Image source: Kohl's.
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Why Kohl's Stock Soared Today