(Kohl’s) Shares of Kohl’s Corporation fell more than 8% on Thursday after reporting total revenue of $3.715 billion in the first quarter of 2022. The revenue was below $3.887 billion in the prior year.
Kohl’s reported a gross margin rate of 38.3% in the first quarter, a decline from a margin rate of 39.0% in the prior year.
The company’s net income came at $14 million, the same as the prior year, with diluted earnings per share of $0.11, higher than $0.09 per share in the prior year. The company declared a quarterly dividend of $0.50 per share.
Kohl’s updated its FY22 outlook pointing to a 0% to 1% growth in the net sales from the prior year. The operating margin is expected to range between 7.0% and 7.2%. EPS is projected in the range of $6.45 and $6.85 in the year.
Kohl said that its board continues to explore all the strategic initiatives at its disposal to generate value.
KSS: NYSE is down -8.51% on premarket.
