Kohl’s November Sales Improve, Shares Down on Lower 3Q View
Kohl’s (NYSE:KSS) reported Thursday improved November sales, however its stock still slipped after the retailer said third-quarter earnings will be negatively impacted by accounting adjustments.
The moderately-priced department store posted total sales for the four-week period ended Nov. 27 of $2.02 billion, up 8.1% from $1.87 billion in the same period last year.
The results were helped by a 6.1% improvement in comparable-store sales, particularly in its Southeast and South Central regions and footwear business.
“We are pleased with our sales performance in November, given it comes on top of last year’s 3.3% comparable store sales increase,” Kohl’s CEO Kevin Mansell said in a statement.
Despite the strong monthly sales, the retailer’s stock took a hit after it said third-quarter income will decrease by about $50 million, with earnings down 10 cents, due to adjustments needed after reviewing historical accounting for leased properties.
However, Kohl’s noted that the estimates are within its previous estimate range of $25 million, or 5 cents a share, to $75 million, or 15 cents a share.