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Kohl's Slashes FY22 Outlook; Stock Down 7% - Update
(RTTNews) - While reporting financial results for the second quarter on Thursday, department store chain Kohl's Corp. (KSS) slashed its adjusted earnings and sales growth guidance for the full-year 2022.
For fiscal 2022, the company now projects adjusted earnings in a range of $2.80 to $3.20 per share on a net sales decline of 5 to 6 percent.
Previously, the company expected adjusted earnings in a range of $6.45 to $6.85 per share on net sales in the range of flat to up 1 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.06 per share on revenue decline of 5.3 percent to $17.50 billion for the year. Analysts' estimates typically exclude special items.
"We continue to execute on our transformation strategy and are pleased to deliver outsized performance in the nearly 600 stores which have been refreshed and elevated, featuring Sephora as a key cornerstone," said Michelle Gass, Kohl's CEO.
Further, the Company entered into an accelerated share repurchase agreement (ASR), pursuant to its previously announced share repurchase program, to repurchase approximately $500 million of the Company's common stock.
On August 9, 2022, Kohl's Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.50 per share, payable September 21, 2022 to shareholders of record at the close of business on September 7, 2022.
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