Department store operator Kohl’s on Thursday reported quarterly earnings and sales that topped Street estimates, as the retailer rung up more purchases than expected in July, the final month of the period.
Kohl’s reported a narrower, 0.4 decline in same-store sales, compared to a drop of 1.8 percent during the same quarter last year. Analysts were expecting comparable sales to fall 1.5 percent, according to FactSet.
Shares of Kohl’s were last climbing about 3.5 percent higher in premarket trading on the news.
The company’s net income rose to $208 million, or $1.24 per share, in the second quarter, from $140 million, or 77 cents per share, a year earlier. Net sales fell 1 percent, to $4.144 billion — notably declining for the sixth straight quarter.
Analysts on average were expecting Kohl’s to report an adjusted profit of $1.19 per share and revenue of $4.126 billion, according to Thomson Reuters.
Kohl’s reported a 48.6 percent rise in second-quarter profit from a year earlier, when it had recorded charges of $128 million related to impairments and store closures.
Trying to drive shoppers back to its stores, Kohl’s has been testing new initiatives, like entering a partnership with Under Armour to sell the sports retailers merchandise.
Management said on Tuesday that it’s also beginning to see benefits from initiatives in place with the goals of better managing inventory and cutting costs.