Kohl's posts marginal increase in Q3 comparable sales

Total sales at Kohl’s for the third quarter increased 0.1 percent to 4,332 million dollars, while sales for the nine month period were down 1.3 percent to 12,319 million dollars. Comparable sales for the quarter rose 0.1 percent and declined 1 percent for the first nine months of fiscal 2017.

Commenting on the company’s results, Kevin Mansell, Kohl's Chairman, CEO and President, said in a media release: "We are pleased to report an increase in comp sales for the quarter as the traffic momentum we saw in the first half of the year continued. We saw strong results during the back-to-school season, achieving a low single-digit positive comp. The middle of the quarter was soft as we experienced disruptions from the hurricanes and other unseasonal weather. The quarter closed with strong sales in the second half of October."

Kohl’s Q3 net income declined 20 percent

The company said reported net income declined 20 percent to 117 million dollars in Q3 but increased 29 percent to the first nine months to 391 million dollars and diluted earnings per share were down 19 percent to 0.70 dollar in the quarter but increased 39 percent to 2.33 dollars for the nine month period. Third quarter net income excluding non-recurring items reduced 18 percent to 117 million dollars and declined 7 percent to 391 million dollars in the nine months of FY17. Diluted earnings per share excluding nun-recurring items were down 13 percent to 0.70 dollar for the quarter and remained flat at 2.33 dollars for the nine month period.

On November 8, 2017, the Kohl's board of directors declared a quarterly cash dividend on the company's common stock of 0.55 dollar per share.

Kohl’s ended the quarter with 1,156 Kohl's stores in 49 states compared with 1,155 Kohl's stores at the same time last year. Kohl's also operates 12 Fila outlets and four Off/Aisle clearance centers.

The company now expects fiscal 2017 diluted earnings per share of 3.72 dollars to 3.92 dollars, which includes the impact of a fourth quarter tax settlement. The company expects to receive a pre-tax benefit of 30 million dollars from this state tax settlement, which will be recorded through its tax rate. Excluding the impact of the tax settlement, the company expects diluted earnings per share of 3.60 dollars to 3.80 dollars, compared to its prior guidance of 3.50 dollars to 3.80 dollars per diluted share.

Picture:Kohl's website