Following in the footsteps of department store peers Macy’s Inc. and J.C. Penney Co. Inc., which reported upbeat results last week, Kohl’s Corp. conveyed good news for the all-important period.
The Menomonee Falls, Wis.-based retailer said today that its total and comparable sales for November and December increased 6.9 percent year-over-year. Based on stronger-than-expected holiday sales as well expectations for fiscal January, Kohl’s said it now expects diluted earnings per share to be $4.10 to $4.20 versus its previous guidance of $3.72 to $3.92. On an adjusted basis, diluted EPS is expected to be $3.98 to $4.08, compared with its prior guidance of $3.60 to $3.80.
Kohl’s shares have been surging on the news — up 3.6 percent to $56.37 as of 11 a.m. ET.
Meanwhile, fashion-footwear maker Steven Madden Ltd. preannounced strong fourth-quarter performance with net sales up 8.3 percent to $364.4 million. Net sales for the company’s wholesale division increased 10.6 percent to $278.2 million, or 2.5 percent to $257.9 million excluding results from Schwartz & Benjamin, which the company acquired in January 2017. Retail net sales increased 1.5 percent to $86.2 million.
CEO Ed Rosenfeld noted that strength in the firm’s wholesale business was offset by expected softness the retail segment, driven by weakness in the boot category. To that end, Madden’s retail comparable store sales for the fourth quarter decreased 5.1 percent
Still the company said it expects to deliver full-year diluted EPS at the high end of its previous guidance. (The company said in August that it anticipated full-year diluted EPS in the range of $2.03 to $2.09 and adjusted diluted EPS in the range of $2.18 to $2.24.)
Madden’s shares were up nearly 2 percent to $47.15 as of 11 a.m. ET.
After several quarters of sluggishness as it cycled through a few trend misses, Genesco Inc.-owned teen mall retailer Journeys continues to rebound, preannouncing today a fourth-quarter to-date comparable sales gain of 10 percent.
Things weren’t all positive for Genesco, however, as its Lids Sports Group division continues to drag down the company’s sales — offsetting gains at Journeys, Johnston & Murphy Group and Schuh Group. Comps at Lids were down 14 percent, while Johnston & Murphy and Schuh had gains of 5 percent and 1 percent, respectively.
Genesco maintained its full-year guidance.
As of 11 a.m. ET, Genesco shares were down 0.4 percent to $32.58.