Menomonee Falls, WI–Following disappointing Q2 sales results from Walmart and Macy’s, Kohl’s today saw its shares rise as its second quarter report matched analysts’ expectations. The department store also raised its full year profit forecast.
For the quarter ended August 3, Kohl’s posted a 4% decline in net profit to $231 million compared with $240 million a year ago. However, on a per-share basis, the company posted $1.04 a share in line with analysts’ average estimate and up from $1 a share in second quarter 2012.
Net revenue was up 2% to $429 billion again in line with analysts’ estimates. Comparable store sales increased 0.9%.
“Sales improved significantly over the first quarter and our gross margin improved over last year,” CEO Kevin Mansell said.
For its third quarter, Kohl’s forecast earnings between 83 cents to 92 cents a share on a sales increase of 1% to 3%. Analysts’ estimate expects 94 cents a share.
Kohl’s took a bullish approach to its full year forecast, raising its projection 10 cents to a range between $4.15 to $4.45 a share while analysts’ consensus expects $4.35 a share.