Kohl's Corp. (KSS) reported that its first-quarter net income decreased to $147 million, from $154 million in the same quarter last year. But, earnings per share for the quarter increased to $0.66 from last year's $0.63. Analysts polled by Thomson Reuters expected the company to report earnings of $0.58 per share. Analysts' estimates typically exclude special items.
Net sales for the quarter declined to $4.199 billion from $4.243 billion in the prior year quarter. Eighteen analysts had consensus revenue estimate of $4.29 billion for the quarter. Comparable store sales for the quarter declined 1.9 percent, compared to an increase of 0.2% last year.
Kohl's Board declared a quarterly cash dividend on the company's common stock of $0.35 per share. The dividend is payable June 26, 2013 to shareholders of record at the close of business on June 12, 2013.
Kohl's ended the quarter with 1,155 stores in 49 states, compared with 1,134 stores at the same time last year. The Company opened nine new stores during the first quarter of 2013 and expects to open three new stores and remodel 30 stores in the Fall.
The company provided initial guidance for the second-quarter ending August 3, 2013 of $1.00 to $1.08 per share. The guidance is based on total sales growth of 1 to 3 percent and comparable store sales growth of 0 to 2 percent and includes expected second quarter share repurchases of $250 million. Analysts expect the company to report earnings of $1.05 per share for the second-quarter.
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