Kohl's Posts Higher Profit as Store Traffic Improves

Industries Reuters

Department store operator Kohl's reported a 14 percent jump in adjusted quarterly profit, helped by higher traffic in stores in March and April and as a leaner inventory helped it discount lesser.

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Total net income soared to $66 million, or 39 cents per share, in the first quarter ended April 29, from $17 million, or 9 cents per share, a year earlier.

The company had recorded a $64 million charge related to impairments and store closures in the year-earlier quarter.

Excluding items, the company's profit was up 14 percent year-over-year in the latest quarter.

Net sales dropped to $3.84 billion from $3.97 billion a year earlier, declining for the fifth straight quarter.

 

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(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Savio D'Souza)