Kohl’s (KSS) profit Q12023

cabbage Shares soared early Wednesday as the struggling retailer posted a surprise gain as it sought a turnaround.

Shares are up about 12% in premarket trading.

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The retailer reiterated its full-year outlook. Expect net sales to fall between 2% and 4%, including the impact of the 53rd week of the year, which was about 1% year over year. The company expects diluted earnings per share to be in the range of $2.10 to $2.70, excluding one-time charges.

Here’s how the retailer compared to Wall Street expectations for the quarter ended April 29, based on an analyst poll by Refinitiv:

• Earnings per share: 13 cents versus an expected loss of 42 cents
• Revenue: $3.36 billion versus $3.34 billion

Kohl’s reported net income of $14 million, or 13 cents a share, for the three-month period, compared to $14 million, or 11 cents a year a year ago.

Net sales fell to $3.36 billion from $3.47 billion in the same period last year.

Kohl’s shares closed at $19.27 on Tuesday. That’s less than half of its 52 high, which came in at $47.63. The company’s stock is down nearly 23% so far this year — even though the S&P 500 is up about 8% and the retail-focused XRT is down nearly 2%.

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