Kohl's 4Q profit falls, but tops Street's view
- Associated Press
- February 27, 2014 - 7:10 AM
MENOMONEE FALLS, Wis. — Kohl's said Thursday that its fiscal fourth-quarter net income fell 12 percent, hurt by one less week in the period and a drop in a key sales barometer. But its earnings still topped analysts' estimates while revenue matched Wall Street's view.
The department store operator earned $334 million, or $1.56 per share, for the three months ended Feb. 1. That compares with $378 million, or $1.66 per share, a year earlier.
Analysts predicted earnings of $1.53 per share, according to a FactSet survey.
Revenue fell 4 percent to $6.1 billion from $6.34 billion, but met Wall Street's expectations.
Sales at stores open at least a year dropped 2 percent. A year ago, the figure increased 1.9 percent.
This metric is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.
For the year, Kohl's Corp. earned $889 million, or $4.05 per share. In the prior year the Menomonee Falls, Wis.-based company earned $986 million, or $4.17 per share.
Annual revenue dipped 1 percent to $19.03 billion from $19.28 billion.
Sales at stores open at least a year fell 1.2 percent. The metric edged up 0.3 percent in the previous year.
Kohl's anticipates fiscal 2014 earnings of $4.05 to $4.45 per share. Revenue is expected to rise 0.5 percent to 2.5 percent. Based on fiscal 2013's revenue of $19.03 billion, this implies about $19.12 billion to $19.5 billion.
Analysts forecast full-year earnings of $4.40 per share on revenue of $19.34 billion.
Its shares finished at $53.21 on Wednesday. Its shares have risen almost 17 percent over the past year.
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