Menomonee Falls, WI, November 10, 2006--Kohl's Corp. reported third quarter earnings that rose 44.5 percent on continued strong sales. Earnings rose to $224.5 million, or 68 cents per share per share, in the period ended Oct. 28, from $155.1 million, or 45 cents a share, a year ago.
Sales were up more than 16 percent to $3.6 billion from $3.1 billion in the same quarter last year.
On that basis, analysts surveyed by Thomson Financial had expected the company to earn 64 cents a share on sales of $3.6 billion.
Same-store sales at locations open at least one year--an important measurement in retailing--rose 8.5 percent, the company said.
Kohl's raised its full-year guidance to a range of $3.16 to $3.24 a share, up from a previous estimate of $3.04 to $3.13, based on the third-quarter performance. It maintained its fourth-quarter guidance for $1.36 to $1.42 a share, in line with analysts' estimates.
Wall Street expects annual earnings per share this year of $3.19 on sales of $15.5 billion.
Larry Montgomery, Kohl's chairman and chief executive, praised the performance and said he expected the momentum to continue into the fourth quarter.
Last month, Kohl's opened 65 stores in 30 states in one day, its largest ever grand-opening. The retailer opened a total of 85 stores this year to bring its full number of stores to 817 in 45 states by the end of the year.
