NEW YORK ó
Kohlís Corp. reported a fiscal third-quarter profit that beat Wall
Street expectations as lower costs offset a decline in sales.
more than 11 percent in afternoon trading Thursday.
Falls-based companyís profit jumped 21.6 percent to $146 million, or
83 cents per share. Earnings, adjusted for non-recurring gains, came
to 80 cents per share.
revenue fell 2.3 percent to $4.33 billion, but general costs fell
1.7 percent to $1.08 billion and merchandise costs fell 2.3 percent
to $2.72 billion.
surpassed Wall Street expectations. The average estimate of 10
analysts surveyed by Zacks Investment Research was for earnings of
67 cents per share. Five analysts surveyed by Zacks expected $4.28
billion in revenue.
sales, a key metric of a retailerís health, fell 1.7 percent during
the quarter. Kohlís and its competitors have been facing a tougher
market with more competition from online retailers as consumers
increasingly enjoy the ease and speed at which they can shop from
other retailers have been trying to expand their online presence as
shopping trends continue to shift. In September, Kohlís said it will
open a fifth distribution center dedicated to online orders, located
in Indiana. It already has centers in California, Ohio, Maryland and
full-year earnings in the range of $3.80 to $4 per share. The
company also declared a quarterly dividend of 50 cents per share.
rose $5.12, or 11.2 percent, to $50.82 in afternoon trading. The
stock has climbed more than 11 percent in the last 12 months.