Kohl’s profit inches up 2%; expects higher holiday sales
Menomonee Falls, Wis. -- Kohl's Corp. on Thursday reported stronger-than-expected third quarter profit of $215 million, up from $211 million in the year-ago quarter. But the chain gave a profit forecast that missed Wall Street's expectations.
Sales increased 2.6% to $4.49 billion from $4.38 billion in the year-ago period. Same-store sales rose 1.1%.
Kohl’s said that it expects same-store sales, will be up 3% to 4% in the quarter that includes the Christmas shopping period, a big improvement over last year's holiday period, when same-store sales fell 2.1%.
“We have made noticeable investments in Holiday inventory -- both in depth and content -- and the in-store experience,” stated Kevin Mansell, Kohl’s chairman, president and chief executive officer. “Our stores are festive and fun to shop. We are also very excited about our expanded gift strategy and our ability to offer great products at great values."