2023-05-24 07:13:22 ET
Kohl's Corporation ( NYSE: KSS ) soared in early trading after recording a Q1 earnings beat and reaffirming its prior guidance for the full year.
CEO Tom Kingsbury said the KSS stores business achieved productivity gains during the quarter and Sephora at Kohl’s continued its sales momentum.
The department store operator reported sales fell 3.3% during the quarter to $3.4B. Comparable sales were down at clip of 4.3%.
Kohl's ( KSS ) saw an improvement during the quarter in its gross margin as a percentage of net sales of 67 basis points to 39.0%. Operating income came in at $98M vs. $82M a year ago. Operating cash flow was a use of -$202M.
At the end of the quarter, Kohl's ( KSS ) had an inventory position down 6% year-over-year of $3.5B.
Looking ahead, Kohl's ( KSS ) reaffirmed its guidance of 2024 net sales growth of -2% to -4% and an operating margin of around 4%. EPS of $2.10 to $2.70 is anticipated for the full year vs. $2.40 consensus.
Shares of Kohl's fell 10.48% in premarket trading to $21.29.
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Kohl's pops after earnings topper, reaffirmed full-year guidance