On Tuesday, Kohl’s Corporation (NYSE: KSS) announced its financial results for the first quarter of fiscal 2018. With both earnings and revenue beating expectations, shares of the company jumped 5% in premarket trading on Tuesday after the announcement.
According to the company, revenue for the first quarter was reported to be $4.21 billion, increasing from $4.07 billion for the same period last year and beating analysts’ estimates of $3.95 billion. Same-store sales for the quarter increased 3.6%, compared with analysts’ estimates of increasing 2.6%.
In addition, net income for the first quarter increased from $66 million, or 39 cents per share, for the same period last year to $75 million, or 45 cents per share, for the first quarter. The company reported adjusted earnings per share to be 64 cents for the first quarter, which beat analysts’ expectations of 50 cents.
“We are very pleased with our strong start to fiscal 2018 as we continued to focus on our priorities of driving traffic and operational excellence. We built on our recent momentum and achieved our third consecutive quarter of positive comparable sales, which increased on both a fiscal and a shifted basis,” Michelle Gass, the chief executive officer of Kohl's, said in the statement on Tuesday.
“Further, we exceeded the high end of our margin expectations through continued focus on inventory management, while expenses were consistent with our expectations as we continue to make investments to ensure our long-term success. All of this enabled us to achieve adjusted earnings per share of $0.64 for the quarter, an increase of 65% over last year,” Michelle continued.