Kohl's (KSS) Q2 Earnings Beat Estimates, Sales Down Y/Y
Zacks Investment Research | Aug 19, 2019 09:37PM ET
Kohl's Corporation (NYSE:KSS) reported second-quarter fiscal 2019 results, with earnings surpassing the Zacks Consensus Estimate and revenues missing the same. Moreover, the top and the bottom line declined year on year. Additionally, comps continued to remain sluggish. Management has reinstated its bottom-line guidance for the fiscal.
Q2 in Detail
Kohl’s adjusted earnings of $1.55 surpassed the Zacks Consensus Estimate of $1.52. However, the bottom line declined 12% on a year-over-year basis. The downside was caused by soft revenues.
Total revenues of $4,430 million fell 3.1% from the prior-year quarter’s figure. Moreover, the figure came below the Zacks Consensus Estimate of $4,455 million. Net sales also declined 3.3% to $4,169 million, while other revenues inched up 0.4% to $261 million in the quarter.
Further, comps declined 2.9% against growth of 3.1% recorded in the year-ago quarter. This marks the second consecutive period of comps decline, following positive comps recorded in the previous six quarters.
Moving on, gross margin plummeted almost 70 basis points (bps) to 38.8% in the reported quarter. SG&A expenses, as percentage of revenues, expanded 80 bps to 28.6%. Further, operating income came in at $376 million, down from the prior-year quarter’s figure of $452 million.
Kohl's Corporation Price, Consensus and EPS Surprise
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