Kohl’s Shares Soar After Retailer Gives Upbeat Outlook for 2019
(Bloomberg) -- Kohl’s Corp. rose after the retailer’s 2019 sales outlook surpassed estimates, a sign that its partnership with Amazon.com Inc. is helping drive visits to stores.
- Kohl’s sees earnings of $5.80 to $6.15 a share this fiscal year, excluding some items, while analysts anticipated $5.76, on average.
- The results show that Kohl’s partnerships -- including an agreement that lets shoppers return goods bought via Amazon to Kohl’s locations -- are drawing consumers into stores. The company has also teamed up with WW, the new name for Weight Watchers, for an in-store studio and Healthy Kitchen products at some locations.
- Kohl’s is joining Target Corp. Tuesday in providing a rather upbeat projection for the year.
- Their outlook offered two bright spots after many retailers saw their prospects dimming this year after a buoyant economy propelled the industry last year. As the U.S. economy’s strength begins to wane, companies have said sales gains are starting to slow.
- Kohl’s shares rose 5.1 percent in early trading on Tuesday.
- For more details on the financial report, click here.
- For the company statement, click here.
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