Kohl's Corp. earned $194 million, or 63 cents per share, in the third quarter, virtually even with its profit of $193 million, or 63 cents, a year earlier. Revenue rose 4.2% to $4.22 billion.
Same-store sales rose 1.8%.
The company, based in Menomonee Falls, Wis., maintained its fourth-quarter forecast for earnings of $1.51 to $1.59 per share. Analysts on average expect $1.57 per share for the period, according to Thomson Reuters.
Kohl's said it expects its fourth-quarter revenue to grow between 4.5% and 6.5% and revenue at stores open at least a year to rise between 2% and 4%. The company expects fourth-quarter selling, general and administrative expenses to increase between 3% and 4%.
Earlier this month the company said its third-quarter results would come in at the low end of its guidance due to errors in its accounting for leased properties.
Kevin Mansell, Kohl's chairman, president and chief executive officer, said “We are pleased with our financial results for the third quarter. We continue to gain market share as reflected in our performance in both comparable and total sales growth. This sales performance, along with strong inventory management, allowed us to continue to increase our gross margin rate. We are pleased with the expense management discipline across the company that allowed us to grow our expenses less than we originally planned.”
