Kohl's Shares Surge 7.5% After Better-than-expected Earnings

Kohl's Corp. shares surged 7.5% in premarket trade Thursday, after the department store chain beat profit and sales estimates for the third quarter. The company said it had net income of $120 million, or 63 cents a share, in the quarter, down from $142 million, or 70 cents a share, in the year-earlier period. Excluding a loss on the extinguishment of debt, the company had adjusted EPS of 75 cents, ahead of the FactSet consensus of 69 cents. Sales rose to $4.427 billion from $4.374 billion, also ahead of the FactSet consensus of $4.406 billion. "Our 1% increase in sales was driven by strong back-to-school and late October selling periods offset by a weak September," Chief Executive Kevin Mansell said in a statement. Shares are down 30% in the year to date, while the S&P 500 has gained 0.8%.