Kohl's Q1 Profit Flat, Comps Down; Backs FY23 View; Stock Up In Premarket

(RTTNews) - Retailer Kohl's Corp. (KSS), while reporting flat profit and weak sales in its first quarter, on Wednesday maintained its fiscal 2023 outlook.

For the full year 2023, the company continues to expect earnings per share in the range of $2.10 to $2.70, excluding any non-recurring charges.

On average, 16 analysts polled by Thomson Reuters expect earnings of $2.32 per share for the year. Analysts' estimates typically exclude special items.

Net sales are still projected to decline 2 percent to 4 percent, including the impact of the 53rd week which is worth around 1 percent year-over-year.

Operating margin would be around 4 percent.

In the first quarter, net income was $14 million, or $0.13 per share, compared to net income of $14 million, or $0.11 per share in the prior year.

Net sales decreased 3.3 percent to $3.36 billion from $3.47 billion last year. Analysts expected sales of $3.34 billion for the quarter.

Total revenue was $3.57 billion, down from $3.72 billion a year ago. Comparable sales were down 4.3 percent.

In pre-market activity on the NYSE, Kohl's shares were trading at $21.84, up 13.34 percent.