Kohl's 3Q Profits Boom
Surging Retailer Ups Earnings Guidance
By Staff -- Home Textiles Today, 11/13/2006 12:00:00 AM
Menomonee Falls, Wis. —
"Robust" is an accurate term to describe third-quarter results for Kohl's, which last week reported earnings per diluted share of $0.68 versus $0.45 a year ago, a 51% increase. Net income was $224.5 million compared to $155.1 million a year ago, a 45% increase.
Net sales for the quarter increased 16.6% to $3.6 billion from $3.1 billion a year ago, while comparable-store sales jogged in with an 8.5% rise.
An "extremely pleased" Larry Montgomery, chairman and ceo of the 817-store mid-tier chain, said, "We continue to see consistency in all lines of business and all regions of the country. This has allowed us to generate profitable market share growth. We believe we have great momentum entering the fourth quarter."
In light of that momentum, Kohl's upped its earnings guidance for fiscal 2006, from $3.04 to $3.13 per diluted share to $3.16 to $3.24 per diluted share. The company noted this "would result in an increase in earnings per diluted share of 30% to 33% over last year." Kohl's reaffirmed its guidance for the fourth fiscal quarter of $1.36 to $1.42 per diluted share.
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