A view outside of a Kohls store in Miramar, Florida.
Johnny Louis | Getty Images
Kohl’s released preliminary fourth quarter results on Thursday, which were expected to see sales down around 10% year over year and sales down 11% in the same store.
Their shares gained around 1% in premarket trading.
Executive director Michelle Gass said digital sales accounted for more than 40% of net sales during the reporting period and increased more than 20% year over year.
“Our fourth quarter performance exceeded our expectations on all key metrics and boosted sales over the period,” she said in a statement. “Our focus on gross margin showed further traction and we have managed spending tightly, which together strengthened our financial position.”
The department store chain expects earnings per share in the range of $ 1.00 to $ 1.05 for the fourth quarter before considering the effects of tax planning strategies.
Kohl’s is expected to release fourth quarter results on March 2nd.
The full press release from Kohl’s can be found here.
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