Kohl’s Corporation reported earnings fell 20 percent in the third quarter while same-store sales inched up 0.1 percent.
Kevin Mansell, Kohl’s chairman, chief executive officer and president, said, “We are pleased to report an increase in comp sales for the quarter as the traffic momentum we saw in the first half of the year continued. We saw strong results during the back-to-school season, achieving a low single-digit positive comp. The middle of the quarter was soft as we experienced disruptions from the hurricanes and other unseasonal weather. The quarter closed with strong sales in the second half of October.”
Dividend
On November 8, 2017, the Kohl’s Board of Directors declared a quarterly cash dividend on the Company’s common stock of $0.55 per share. The dividend is payable December 20, 2017 to shareholders of record at the close of business on December 6, 2017.
Store Update
Kohl’s ended the quarter with 1,156 Kohl’s stores in 49 states compared with 1,155 Kohl’s stores at the same time last year. Kohl’s also operates 12 FILA Outlets and four Off/Aisle clearance centers.
Earnings Guidance Update
The company now expects fiscal 2017 diluted earnings per share of $3.72 to $3.92, which includes the impact of a fourth quarter tax settlement. The company expects to receive a pre-tax benefit of $30 million from this state tax settlement which will be recorded through its tax rate. Excluding the impact of the tax settlement, the company expects diluted earnings per share of $3.60 to $3.80, compared to its prior guidance of $3.50 to $3.80 per diluted share. The company’s prior expected range of $3.50 to $3.80.
