Despite a rough holiday season, Kohl’s fourth quarter report was not as dismal as analysts had forecasted. Net income totaled $252 million, or $1.44 per share, down 15% from $296 million, or $1.58 per share in the year-ago period. And while that is not necessarily great news, the numbers beat expectation that predicted shares to come in at $1.33 each. Additionally, sales fell to $6.2 billion, down from $6.4 billion last year, but met expectations.
The news, issued today in a press release, pushed stocks up more than 3% in early trading. Kohl’s chairman, president and CEO Kevin Mansell accredited the better-than-expected results to stronger online sales and sharp management decisions.
Proof of his statement can be found in same-store sales that were down 2.2% from the year-ago period and down 2.4% for the year. Kohl’s raised its quarterly cash dividend 10% to 55 cents per share.
Looking forward, Mansell said in a statement, “In 2017, we will accelerate our focus on becoming the destination for active and wellness with the launch of Under Armour in early March. We will also extend our efforts on improving our speed to market across all of our proprietary brands into all apparel areas and home.”