Kohl's earnings top estimates, retailer raises forecast as higher foot traffic drives sales

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People shop at Kohl’s department store amid the coronavirus outbreak on September 5, 2020 in San Francisco, California.

Liu Guanguan | China News Service | Getty Images

Shares of Kohl’s fell more than 3% in premarket trading Thursday despite reporting second-quarter earnings that beat analyst expectations and raising its forecast for the year.

Here’s how the company did for its second quarter ended July 31 compared with what analysts surveyed by Refinitiv were anticipating:

Earnings per share: $2.48 vs. $1.21 expected
Revenue: $4.45 billion vs. $4.02 billion expected

Net income rose to $382 million, or $2.48 per share, from $47 million, or 30 cents per share, a year earlier. The results topped the $1.21 per share expected by analysts surveyed by Refinitiv.

Revenue rose 31% to $4.45 billion, outpacing estimates of $4.02 billion.

Shares of Kohl’s are up more than 27% year to date as of Wednesday’s market close, putting the retailer’s market value at $8.1 billion.

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This article was originally published by Cnbc.com. Read the original article here.