Kohl’s reports increased holiday sales, improves outlook

By Freeman Staff

Jan. 11, 2019

Kohl’s reported an increase in holiday sales on Thursday compared to the same period in 2018.
File photo

MENOMONEE FALLS —The holiday season was a jolly one for retailer Kohl’s Corporation, which on Thursday reported an increase of 1.2 percent in comparable sales, resulting in the company improving its fiscal outlook.

According to the report, for the nine weeks ending Jan. 5, sales increased 1.2 percent compared to the same holiday shopping period last year.

“We are delighted with our 1.2 percent shifted comparable sales increase for the holiday period, which builds on the positive momentum we have achieved throughout the year,” said Michelle Gass, Kohl’s chief executive officer, in a statement. “The organization once again delivered a very strong holiday that topped last year’s exceptional holiday season.”

Gass pointed to the Menomonee Falls-based retailer’s product lineup, marketing strategy and online and store executions.

“We are particularly pleased with the positive transaction growth and the double-digit digital growth we experienced this holiday, as our customers continue to embrace the omnichannel investments we are making,” Gass said. “I want to thank all of our teams across the company who created and executed a great holiday plan and a wonderful experience for our customers.” As a result of Thursday’s earnings report, Kohl’s announced it has increased its fiscal outlook.

According to the release, Kohl’s anticipates it fiscal 2018 diluted earnings per share to be $5.50 to $5.55, compared to its prior guidance of $5.35 to $5.55. This guidance excludes the debt extinguishment charge of $42 million, or $0.19 per diluted share, which was recorded in the first quarter of fiscal 2018. It also excludes other non-recurring charges the company anticipates recording related to the voluntary debt redemption announced in December 2018 and actions to be taken in the fourth quarter as part of the Kohl’s operational excellence initiatives.