Kohl's posts strong Q1, raises full year outlook

First quarter net sales increased 69.5 percent at Kohl’s, while total revenue rose 60.1 percent to 3,887 million dollars. The company reported diluted earnings per share of 9 cents and adjusted diluted earnings per share of 1.05 dollars.

“We are very pleased with our strong start to 2021 with both sales and earnings materially exceeding expectations. Along with a favorable consumer spending backdrop, we continue to see our key strategic initiatives gain traction and resonate with customers,” said Michelle Gass, Kohl’s chief executive officer in a release.

The company is raising its full year 2021 financial outlook and now expects net sales to increase in the mid-to-high teens percentage range compared to the previous expectation of mid-teens percentage rate increase, operating margin is now expected to be in the range of 5.7 percent to 6.1 percent compared to the previous expectation of 4.5 percent to 5 percent.

Kohl’s further said that adjusted earnings per share are now expected to be in the range of 3.80 dollars to 4.20 dollars compared to the previous expectation of 2.45 dollars to 2.95 dollars.

On May 12, 2021, Kohl’s board of directors declared a quarterly cash dividend on the company’s common stock of 25 cents per share.