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A view outside a Kohl’s store in Miramar, Florida.
Johnny Louis | Getty Images
Kohl’s on Thursday released preliminary fourth-quarter results, anticipating sales to be down about 10% year over year, and same-store sales dropping 11%.
Its shares were up about 1% in premarket trading.
Chief Executive Michelle Gass said digital sales represented more than 40% of net sales during the period, growing more than 20% year over year.
“Our fourth-quarter performance exceeded our expectations across all key metrics with sales strengthening as we moved through the period,” she said in a statement. “Our focus on gross margin showed further traction and we managed expenses tightly, which together strengthened our financial position.”
The department store chain said it expects fourth-quarter earnings per share to be in the range of $1.00 to $1.05, before considering any impact from tax planning strategies.
Kohl’s is set to report fourth-quarter results on March 2.
Find the full press release from Kohl’s here.
This story is developing. Please check back for updates.