Kohl’s Corp.’s business bounced back in the second quarter — and chief executive officer Michelle Gass teased that the company was ready to make more new friends.
Already the retailer brought Sephora into the fold and the pair have begun to roll out to 850 Kohl’s doors. That followed a link up with Amazon that has the store accepting the web giant’s returns.
But more seems to be on the way.
“We delivered record second quarter earnings with sales and margins materially exceeding expectations,” Gass said. “As pleased as we are with our ongoing strategic progress, much of our opportunity is still ahead of us. We are on the eve of launching several transformational partnerships that will drive sustainable growth for years to come.
Revenues for the three months ended July 31 bounced back 30.5 percent to $4.4 billion from $3.4 billion.
Net income tallied $382 million, up from just $47 million a year earlier when the pandemic kept shoppers closer to home. Adjusted earnings per share totaled $2.48, coming in well ahead of the $1.16 analysts projected.
“Based on our results, we are raising our full year 2021 guidance, which positions us to achieve many of our 2023 strategic goals this year, well ahead of our plan,” Gass said “In addition, we have accelerated our share repurchase activity, underscoring our confidence in the business and our commitment to creating shareholder value.”
Kohl’s now expects sales this year to increase by a percentage in the low 20s, ahead of the mid-to-high teens boost seen earlier. And adjusted earnings per share are now seen ranging from $5.80 to $6.10, up from the $3.80 to $4.20 previously projected.
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