KOHL’S REPORTS STRONG INCREASE IN HOLIDAY SALES
Wisconsin-based retailer Kohl’s Corporation reported that its total and comparable sales for November and December 2017 increased 6.9 percent over the same period last year.
Due to the higher-than-expected numbers now expects its fiscal 2017 diluted earnings per share to be $4.10 to $4.20 versus its previous guidance of $3.72 to $3.92. Kohl’s guidance does not include the impact of recent changes in federal tax legislation which are expected to have a positive impact on its effective tax rate and generate a favorable non-cash tax benefit related to the re-measurement of deferred tax balances in 2017.
“We are very pleased with our holiday period sales, which were consistently strong through November and December. All lines of business and all regions reported positive comp sales,” said Kevin Mansell, Kohl’s chairman, chief executive officer and president. “As expected, growth in digital demand accelerated significantly in the holiday period from the year-to-date trend. In addition, we experienced positive sales in our stores driven by stronger traffic.”
As of noon on Monday, Kohl’s stock was up nearly six percent since Friday’s closing.
