On Thursday, Kohl's Corp. (NYSE: KSS) announced its financial results for the first quarter ended April 29, 2017. Shares of the company increased 1% in early trading Thursday.
According to the company, net sales decreased from $3.97 billion the same period last year to $3.84 billion in the first quarter, which was declining for the fifth straight quarter, and missed estimates of $3.90 billion. Net income was up from $17 million, or $0.09 per share the same period last year to $66 million, or $0.39 per share, beating estimates of $0.29 per share.
Excluding certain items, profit of the company was up 14% in the first quarter, which was partly motivated by the higher traffic in stores in March and April.
“We are encouraged by the significant improvement in sales and traffic for the March and April period, after a weak February start to the first quarter,” Kevin Mansell, the chairman, chief executive officer and president of Kohl's, said in the statement.
“Continued strong inventory management led to a major improvement in gross margin, and our teams managed expenses exceptionally well. I am pleased to say that combined together these efforts led to an increase in income for the period,” he said.