Shares of Kohl’s Corporation (KSS) are falling more than 11% Thursday morning despite robust sales growth in the first quarter. The retailer also raised its full-year outlook.
The company reported earnings of $14 million or $0.09 per share in the first quarter compared with net loss of $541 million or $3.52 per share last year.
Excluding items, earnings were $1.05 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.04 per share.
Net sales increased 69.5% to $3.662 billion from $2.16 billion in the year-earlier period. The consensus estimate was for $3.48 billion.
Looking forward, the company has raised its full-year outlook.
Adjusted earnings per share is now expected to be in the range of $3.80 to $4.20, compared to the previous expectation of $2.45 to $2.95. Analysts see earnings of $3.15 per share for the year.
Net sales is expected to increase in the mid-to-high teens percentage range compared to the previous expectation of mid-teens percentage rate increase. Analysts expects revenue growth of 19.3% for the period.
KSS, currently at $53.19, has traded in the range of $16.31- $64.80 in the past one year.
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