Kohl's Updates 2023 Earnings Guidance

(RTTNews) - Kohl's Corporation (KSS) said, for 2023, the company now projects earnings per share in the range of $2.30 to $2.70, excluding any non-recurring charges. This is compared to the prior guidance range of $2.10 to $2.70. Net sales are projected to decrease in a range of 2.8% to 4%, including the impact of the 53rd week. This is compared to the prior guidance of a decrease of 2% to 4%. The company said it remains committed to strengthening balance sheet and to maintaining current dividend.

Third quarter net income was $59 million, or $0.53 per share compared to net income of $97 million, or $0.82 per share, prior year. Analysts on average had expected the company to earn $0.35 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Third quarter net sales decreased 5.2% year-over-year, to $3.8 billion, with comparable sales down 5.5%. Analysts on average had estimated $3.91 billion in revenue.

Shares of Kohl's are down 2% in pre-market trade on Tuesday.

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