Kohl's beats by $0.05, reports revs in-line
- Reports Q2 (Jul) earnings of $1.24 per share, $0.05 better thanthe Capital IQ Consensus of $1.19; revenues fell 0.9% year/year to $4.14 bln vs the $4.12 bln Capital IQ Consensus.
- Comps -0.4% vs. 1.4% estimates and -1.8% last year.
- "The traffic momentum that we saw in the combined March/April period accelerated in the second quarter. Though transactions for the quarter were lower than last year, July transactions increased. We are also excited by the sequential sales trend improvement in all our lines of business, all geographic regions, and in both our proprietary and national brand portfolios. Gross margin and SG&A expenses were consistent with our expectations and we are seeing benefits from our ongoing inventory initiatives and the early stages of our cost-saving initiative."
- FY18 guidance from February (may be updated on the call): EPS $3.50-3.80; sales down 1.3% to up 0.7% to ~$18.44-18.82 bln; comps -2% to 0% and gross margin +10-15 bps.
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