Shares of retailer Kohl's (NYSE: KSS) popped on Wednesday after the company reported its latest quarterly results. As of 10:15 a.m. ET today, the stock was up about 9%.

For the fiscal first quarter of 2023, which ended in April, Kohl's had net sales of $3.4 billion, a 3.3% year-over-year drop. But by improving both its gross margin and its operating margin, the company was able to earn $14 million, just like it did in the prior-year period, even though sales were down.

Both the top and bottom lines were better than what analysts had expected. And outperforming expectations is a big reason the stock is up today.

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Source Fool.com