Kohl’s Trounces Expectations for the Top and Bottom Lines
Sales fell and Kohl's (NYSE: KSS) reported a second-quarter loss, but the results were significantly better than what Wall Street was expecting when the retailer reported its financial results on Aug. 18.
The department store chain said it was able to reopen all 1,100 of its stores during the period, helping to soften the decline in revenue, which fell 23% to $3.2 billion, but that was well ahead of analyst forecasts of less than $3.1 billion.
Although it reported a profit under generally accepted accounting principles (GAAP) of $47 million, or $0.30 per share, adjusted for impairments, real estate sales, and other one-time expenses, Kohl's recorded a loss of $39 million, or $0.25 per share, dramatically above the $0.83 per share loss anticipated.
Source Fool.com
