On Thursday, shares of large department store chain Kohl’s Corporation (KSS - Free Report) are soaring, up over 13% in morning trading after the company reported strong earnings in its fiscal 2016 third quarter financial results.
Kohl’s posted earnings of 80 cents per share (excluding 3 cents from non-recurring items), surpassing the Zacks Consensus Estimate of 67 cents per share. Revenues came in at $4.33 billion, also beating our consensus estimate of $4.28 billion. Kohl’s comparable store sales decreased 1.7% compared to an increase of 1.0% in the prior year quarter.
Looking ahead, Kohl’s reaffirmed its previous fiscal 2016 diluted earnings per share guidance of $3.12 to $3.32; including store closings and other costs diluted EPS is expected to be $3.80 to $4.00.
The company ended its third quarter with 1,155 Kohl’s stores (compared with 1,166 Kohl’s stores at the same time last year), 12 FILA Outlet stores, and three Off-Aisle clearance centers in 49 states.
Other department store giant Macy’s Inc. (M - Free Report) also reported its fiscal 2016 third quarter earnings before the bell this morning. The company beat top line estimates but lagged behind bottom line estimates. Currently, M stock is up over 9% in morning trading.
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