Kohl's Shares Spike After Earnings Beat, Share Buyback Program Increased

By Markets MarketWatch Pulse

Kohl's Corp. shares surged 7.2% in premarket trading after the retailer reported a third-quarter earnings beat and increased its share buyback program. Net income was $146 million, or 83 cents, up from $120 million, or 63 cents per share, for the same period last year. Adjusted earnings per share of 80 cents beat the FactSet consensus of 70 cents. Revenue totaled $4.33 billion, down from $4.43 billion last year, but above the $4.32 billion FactSet estimate. Same-store sales declined 1.7%, in line with the FactSet consensus. The company increased its outstanding share buyback program to $2.0 billion. And the retailer reaffirmed its fiscal 2016 adjusted EPS guidance of $3.80 to $4.00. Kohl's shares are down 4.1% for the year so far while the S&P 500 Index is up 5.8% for the same period.

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