Kohl's Corp issued its fourth-quarter results Thursday, posting an 8 percent decline in profits during the pivotal holiday period as steep discounts designed to lure in budget-conscious shoppers cut into profit margins. The company did say it expects sales to begin improving in the current fiscal year, though its forecast for profits was below the expectations of analysts. The retailer said that it expects sales to improve by 2 percent at its 1,127 nationwide stores, with earnings per share of $4.75, below the $4.95 per share consensus projection from economists in a recent Reuters poll.
While many US retailers reported record sales over the Black Friday weekend, a handful failed to take advantage of the boost in consumer spending because they failed to adequately advertise or didn't discount products enough to lure in deal-hungry shoppers. Others were hurt by their decisions not to join retailers like Wal-Mart, Best Buy and others in launching their Black Friday sales early, so that when they opened their doors at the regular time, much of the shopping frenzy had already taken place at rival stores.
Kohl's Corp released its second-quarter results Thursday, posting a 17 percent rise in profits thanks to the success of its store label brands like Vera Vera Wang and its Food Network cable channel. The company also upgraded its outlook for full year earnings as it prepares to launch one of the biggest brands in its history with singer Jennifer Lopez.
Kohl's Corp released its first-quarter results late Wednesday, posting a 6 percent rise in earnings thanks to growth in its online business and cost-cutting moves. The retailer also raised its forecast for full-year earnings. For the three months ended April 30th, the company said it earned $211 million, or 73 cents a share, up from earnings of $199 million, 64 cents a share, in the same period a year ago. The results were on par with projections made by analysts in a recent FactSet survey. The company's stock climbed 39 cents in premarket trading after the report.