Kohl's (NYSE: KSS) announced earnings per share of $1.65 before the bell Thursday, with revenue recorded at $4.6 billion.
The numbers reported were against an anticipated EPS of $0.68 and revenue of $4.25 billion.
After beating consensus for both earnings and revenue, Kohl's shares climbed to a high of $62.33.
“Our performance in the second quarter marked another important step in further establishing Kohl’s as the leading destination for the active and casual lifestyle. We delivered record second quarter earnings with sales and margins materially exceeding expectations. As pleased as we are with our ongoing strategic progress, much of our opportunity is still ahead of us. We are on the eve of launching several transformational partnerships that will drive sustainable growth for years to come,” said Michelle Gass, Kohl’s CEO.
“Based on our results, we are raising our full year 2021 guidance, which positions us to achieve many of our 2023 strategic goals this year, well ahead of our plan. In addition, we have accelerated our share repurchase activity, underscoring our confidence in the business and our commitment to creating shareholder value,” added Gass.
The company now expects net sales for the full year to increase in the low twenties percentage range compared to the previous expectation of mid-to-high teens percentage range. In addition, adjusted earnings per share is now expected to be between $5.80 and $6.10, compared to the previous expectation of $3.80 to $4.20.
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