Kohl's projects annual sales above estimates

[March 01, 2022]  (Reuters) -Kohl's Corp projected annual sales and profit above market estimates on Tuesday as Americans stepped out of their homes to spend more on clothes and fragrances at the U.S. department store chain's outlets.

The company has sped up shipments and prioritized items related to promotional events to sidestep the supply chain snarls impacting the wider industry.

It has also tried to cash in on the post-pandemic retail demand by launching Sephora stores at its outlets and introducing a slew of consumer-favorite brands such as Calvin Klein and Tommy Hilfiger.

Kohl's said it expects net sales to increase 2% to 3% in fiscal 2022, while analysts on average expected a rise of 2.2%, according to IBES data from Refinitiv.

The company said it expects earnings per share in the range of $7.00 to $7.50 excluding items, compared with analysts' expectations of $6.55 per share.

(Reporting by Deborah Sophia in Bengaluru; Editing by Aditya Soni)

 

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