Departmental store operator Kohl’s Corporation (KSS: 47.20 0.00 0.00%)registered robust sales results for the five-week period ended July 4, 2010. The company’s comparable-store sales for June 2010 rose 5.9% after increasing 3.5% in the previous month. Kohl’s had experienced a decline of 5.6% in June 2009.Kohl’s has registered positive comparable-store sales growth for each month in 2010 except April. The company expects the positive trend to continue for the rest of the year.
Year to date, Kohl’s comparable-store sales climbed 6.2% versus a decline of 3.8% in the same period last year.
Year to date, revenue at its e-Commerce business shot up 50% year over year. Also, comparable-store sales at the Footwear and Mens division were strong. During the month, West and Southeast were the outperforming regions. The Northeast and Mid-Atlantic regions also benefited from favorable weather.
Kohl’s, the operator of 1,067 stores in 49 states, expects comparable-store sales to increase between 2% and 4% in second-quarter 2010 and between 3.5% and 5% in fiscal 2010. The company forecasts annual sales growth of 5% to 7% in the second quarter and 6.5% to 8% in fiscal 2010.
Kohl’s has projected earnings per share in the range of 70 to 75 cents for the second quarter and $3.40 to $3.63 for fiscal 2010. However, the company’s guidance fell short of the current Zacks Consensus Estimate of 78 cents and $3.74 a share, respectively.
| Analysts' Targets | |
| Sterne, Agee & Leach | $65 |
| Buy | |
| Wednesday, January 06, 2010 | |
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