Daniel Acker | Bloomberg | Getty Images
Shoppers enter a Kohl’s store in Peoria, Illinois.
Kohl’s shares jumped more than 4 percent in premarket trading Tuesday after the company reported better-than-expected earnings and revenue during the crucial holiday shopping season.
Sales at stores open for at least 12 months were also surprisingly improved, rising 1 percent during the fourth quarter over the previous year. Analysts expected a 0.3 percent increase in comparable store sales.
“The positive momentum we’ve had all year continued as we achieved a 1 percent comp sales increase for the fourth quarter, resulting in a 1.7 percent increase for the year,” Kohl’s CEO Michelle Gass said in a press release. “Building on the exceptional holiday we had in 2017, we’ve now achieved a 7 percent increase in the fourth quarter on a two-year basis.”
Here’s how the company did compared with what Wall Street expected:
- Earnings: $2.24 per share vs. $2.18 per share forecast by Refinitiv
- Revenue: $6.823 billion vs. $6.579 billion forecast by Refinitiv
The retailer said it expects earnings per share for 2019 between $5.80 and $6.15 per share.