People walk near a Kohl’s department store entranceway on June 07, 2022 in Doral, Florida.
Joe Raedle | Getty Images
Kohl’s shares spiked early Wednesday as the struggling retailer posted a surprise profit while it chases a turnaround.
Shares jumped about 12% in premarket trading.
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The retailer reiterated its full-year outlook. It said it expects net sales to range between a decline of 2% and a decline of 4%, including the impact of the 53rd week of the year that is worth about 1% year over year. It said it expects diluted earnings per share to range from $2.10 to $2.70, excluding nonrecurring charges.
Here’s how the retailer did for the quarter that ended April 29 compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:
- Earnings per share: 13 cents vs. a loss of 42 cents, expected
- Revenue: $3.36 billion vs. $3.34 billion
Kohl’s reported a net income of $14 million, or 13 cents per share, during the three-month period, compared with $14 million, or 11 cents per year, a year earlier.
Net sales fell to $3.36 billion from $3.47 billion in the year-ago period.
Shares of Kohl’s closed Tuesday at $19.27. That’s less than half of its 52-high, which was $47.63. The company’s stock has tumbled nearly 23% so far this year — even as the S&P 500 has risen about 8% and the retail-focused XRT has fallen nearly 2%.
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